European law enforcement agencies collaborated to take down a multimillion dollar cryptocurrency fraud group, making multiple arrests last week. The operation was coordinated by Europol and targeted individuals associated with a large scale cryptocurrency investment fraud scheme. Those arrested include 14 individuals in Serbia and one in Germany, as well as 261 additional individuals questioned about their involvement. The majority of the action occurred on January 11, when 22 locations were searched including private homes and call centers.

Europol stated that the fraud group used advertisements posted to social media networks aiming to lure victims to websites operated by cybercriminals. The posts advertised risk free or exceptional investment opportunities related to cryptocurrency. According to Europol, the victims would first invest low sums, however, they were later persuaded to make higher transfers. The total damage caused by the fraud scheme is estimated to be around $2 million. The majority of the victims are located in Germany, but additional cases were identified in Switzerland, Australia, and Canada.

Read More: Euro Police Bust Multimillion-Dollar Crypto Fraud Gang