Operators of International Fraud in Forex Trade and Binary Options Get Arrested

The European Union's law enforcement agency Europol announced that it has teamed up with Spain's Civil Guard (Guardia Civil), Catalan police (Mossos d' Esquadra) and Andorra to arrest six suspects involved in an investment fraud in foreign exchange and binary options markets.

The scam, which is believed to have an international scope, has defrauded thousands of clients via an investment training company. Located in Andorra, the company specialised in the training of investment in cryptocurrencies and other assets, and is thought to have also carried out trading activities.

During two house searches, police seized eight vehicles, several electronic devices, an estimated €70 000 in fiat money and cryptocurrencies including Bitcoin, Ethereum, Ripple, OmiseGo, and multiple bank accounts linked to the company.

Europol actively supported the investigation and operation mobilising experts from both the European Financial and Economic Crime Centre (EFECC) and European Cyber Crime Centre (EC3). During the operation, Europol experts were deployed in Andorra for on-the-spot operational support and forensic expertise.

Headquartered in The Hague, the Netherlands, Europol supports the 27 EU Member States in their fight against terrorism, cybercrime and other serious and organised forms of crime. In 2019, Europol supported 1 874 international operations.