Greek police have arrested 17 people in connection with an alleged cryptocurrency fraud scheme that authorities say collected more than $8 million from at least 10,000 participants. Investigators said the operation relied on company structures and an online platform to present cryptocurrency investments as legitimate opportunities. Nine of those detained are serving members of the Greek military, according to the national broadcaster ERT.

Arrests in Katerini Following Investigation

According to a report, the Hellenic Police carried out the arrests in Katerini on October 2 following an investigation. The suspects' alleged investment network had been in operation since at least 2025 and guaranteed high rates of return at little to no risk.

🇬🇷👮‍♂️ Ils promettaient de doubler votre argent en seulement 50 jours grâce aux cryptos. La police grecque démantele un réseau qui aurait recruté au moins 10 000 personnes. Selon les autorités, le groupe utilisait une plateforme d'investissement promettant des rendements très… pic.twitter.com/VWeqh2VaW9

— Goku 🗞 (@Crypto__Goku) October 3, 2026 (link)

The alleged investment platform promised to double invested funds within 50 days. Police stated that the platform did not hold the proper authorization to provide such services.

Serving Military Personnel Among the Detained

According to ERT, the Greek broadcaster, nine of the arrested suspects were serving members of the military. Two noncommissioned officers served as the leaders of the crypto fraud scheme.

A file also indicated the other nine suspects, which included one more person from the military. Two leaders were indicated among the detained suspects. The suspects have been presented to the prosecutor at Katerini.

How the Scheme Attracted Investors

These individuals were reported to have received bonuses for attracting new members to join the scheme. ERT noted that the leaders were behind the entire operation, with help from other members to bring in additional deposits.

Participants were led to believe that their investments were generating profits. Problems emerged when some investors later attempted to withdraw their money. The alleged fraud is believed to have operated out of offices in Katerini, Thessaloniki, Larissa, Patras, and an island in the Dodecanese.

Cash and Electronic Devices Seized in Raids

Officers searched five offices and nine houses in connection with the case. Investigators found €295,090 in cash along with a large quantity of electronic equipment.

The seized devices include 32 mobile phones, 28 computers, and 15 tablets. Authorities also recovered 38 USB devices, 16 hard disks, bank cards, and a counting machine. The items are being examined as part of the crypto fraud case, as they may help trace transactions and communications carried out through the platform.

Scale of the Alleged Fraud

Authorities have so far uncovered 18 victims who made deposits totaling more than €55,970. According to police estimates, at least 10,000 people had subscribed to the platform, and the total value of the cryptocurrency fraud was valued at over $8 million, according to the police report. Authorities have not yet released the total number of victims. The investigation is ongoing as investigators examine the people, companies, and digital evidence related to the case. With only 18 victims documented so far against an estimated subscriber base of at least 10,000, the eventual count of victims and losses remains an open question. The examination of the seized devices and the prosecutor's review in Katerini will be the developments to watch as the case moves forward.

Greece's Previous Actions Against Crypto Crime

Greece has previously taken action against cryptocurrency associated with crimes committed abroad. In July 2025, Greek authorities carried out their first seizure of cryptocurrency assets.

The seized funds on that occasion were linked to the $1.5 billion Bybit hack. According to Chainalysis, Reactor software provided by the Anti-Money Laundering Authority of Greece allowed the connection to be made. An emergency freeze was then ordered, and the case was handed over to prosecutors. The current case, by contrast, revolves around an investment platform.

Global Enforcement Against Fake Investment Platforms

Fake crypto platforms have drawn increasing attention from law enforcement worldwide. According to INTERPOL, Operation Jackal IV targeted cryptocurrency investment schemes, romance scams, and business email compromises in 22 countries. The operation ran from November 2025 to June 2026.

In South Africa, law enforcement apprehended 39 suspects, confiscated $2.67 million, and froze 257 bank accounts. Romanian police also raided a call center suspected of promising huge profits from stock and crypto investment scams. According to investigators' estimates, the Romania-based cybercrime network defrauded and laundered approximately €143 million globally. Subsequently, INTERPOL's Operation First Light yielded 5,811 arrests in 97 countries and territories worldwide. The Katerini case displays the same core elements these operations target: an unauthorized platform promising outsized returns and a recruitment structure that rewarded bringing in new depositors.

FBI Guidance for Suspected Crypto Fraud Victims

The FBI has issued a public advisory warning consumers that phishing schemes employing fake trading platforms often begin by allowing limited withdrawals to cultivate trust before persuading users to make larger deposits. More substantial withdrawal attempts then trigger account freezes accompanied by taxation or fee demands. The sequence the FBI describes parallels the account investigators gave of the Katerini scheme, where participants saw apparent profits until withdrawal attempts surfaced problems.

The FBI recommends that victims cease transferring funds altogether upon realizing they may be targets of crypto fraud. Recovery services demanding advance payments should also be treated with caution. Victims alleging crypto fraud may furnish wallet addresses, transaction history, website URLs, and correspondence with the perpetrators.