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ETH Two Greek military personnel are suspected of participating in a $8 million cryptocurrency pyramid scam
According to the Athens daily "To Vima", nine suspects have been charged with running a cryptocurrency pyramid scam that defrauded about $8 million from about 10,000 investors. Among them were two Greek military personnel on active duty.
The nine suspects were due to submit testimony to the investigating judge on Monday. Police have arrested 17 people on suspicion of organizing the criminal gang. Prosecutors said that the gang's operating model was consistent with the characteristics of a pyramid scheme and used the platforms it controlled to induce investors to trade in cryptocurrencies. At present, all charges have not yet been verified by the court, and relevant data comes from police sources rather than formal indictments.
According to the newspaper, the main channel for recruiting members is a local civil society group. A 44-year-old man who serves as chairman of Katerini's Association of Friends of Artificial Intelligence has been ordered to be detained after judges and prosecutors questioned his statement. According to Greek Public Broadcasting Corporation (ERT), six of the first seven people arrested were released with restrictions and a bond of 15,000 to 20,000 euros.
The two military-related suspects are from Pieria and Larissa states respectively. Investigators believe that the soldier in Larissa State learned the modus operandi through a contact he met during the two men's overseas travel.
The method of this scam has typical inducement characteristics. Investors are required to invest at least 800 euros, while customers designated as "VIP" are required to invest 5000 euros, doubling the promised funds. In Katerini alone, investigators estimated that the organization developed 1,842 members and made illegal profits of approximately 2 million euros.
The entire case began in July this year, when someone anonymously submitted a report letter to the Katerini Criminal Investigation Branch through the Greek government's digital service portal gov.gr, thus kicking off the case.
