Authorities dismantle $16 million Scameur cryptocurrency ring in Albania and Italy

In a recent report by Eurojust, authorities have broken up an online cryptocurrency fraud that led to losses of around $16 million in Albania and Italy. Thanks to a joint investigation team, authorities were able to identify an organized criminal group operating in Tirana, the Albanian capital.

The group operated through a call center, where they contacted different people. They first asked the victims if they wanted to invest in “risk-free” cryptoassets. At first, they gave them immediate financial benefits to ensure that the profits were legitimate.

However, in the second phase of the scam, they convinced the victims to invest larger sums (i.e. all their savings). Then, however, they embezzled all the victims’ funds.

They opened accounts for these people, and those who fell into the trap, sent their funds into the account. As soon as they sent the funds in the second phase, the fraudsters reset the accounts and stole all the money.

All contacts were made with untraceable numbers and using VPN. However, the authorities were able to locate the responsible call centers.

The authorities and Eurojust found thirteen locations involved. During the police arrest, authorities seized more than 160 electronic devices and €3 million.

The investigation lasted more than two years. Several authorities were involved in the investigation:

In Italy: public prosecutor’s office of Pisa and Carabinieri of Pisa;

In Albania: Special Prosecutor’s Office against Corruption and Organized Crime (SPAK) and Albanian State Police.

It is essential that fraudsters are removed from the market, especially after everything that has happened in the market in the last few weeks.