Police took part in Eurojust coordinated action against investment fraud

Publication date 16.11.2022 12.22 | Published in English on 17.11.2022 at 15.13
News item

A joint investigation team (JIT) consisting of authorities from ten countries has investigated an investment fraud scheme committed by an organised criminal network. In Finland, the number of victims is 2,000 with financial loss amounting to 6.6 million euros.

The Finnish police have participated in a joint investigation team (JIT) of several countries with the aim of detecting and investigating a massive investment fraud scheme involving the use of cryptocurrencies coordinated by Eurojust, the European Union's agency for judicial cooperation in criminal matters.

The number of victims established in Finland so far is 2,000. Investigations have revealed hundreds of thousands of investors all over the world, who have fallen victim to the fraud. The financial loss caused is currently roughly 6,6 million euros in Finland and internationally, even hundreds of millions of euros.

– Because the criminal activity was very professionally organised and executed, it is possible that there are more victims, but not all of them are yet aware that they have been defrauded, explains Detective Superintendent Mikko Laaksonen of the National Bureau of Investigation (NBI).

Investment fraudsters operated abroad

The investment fraud scheme was committed using so-called call centres and online platforms. The suspects allegedly belong to an internationally organised crime group believed to be focused in committing investment fraud schemes. The criminals often approached victims by phone and persuaded them to invest in cryptocurrencies on investment platforms specially created for fraud.

The police are not aware that investment fraud schemes were committed in Finland, but the suspected criminal activities were carried out from abroad. In the beginning of November, in a joint operation carried out Albania, Bulgaria, Georgia, North Macedonia and Ukraine, the authorities arrested five suspects and closed 15 call centres. Furthermore, seizures include hundreds of electronic devices and other items of property.

– In Finland, the cases are investigated by various local police departments and the National Bureau of Investigation. In addition to its own investigation, the NBI has supported the criminal investigations conducted by the local police departments by analysing the cases for possible links by participating in international activities and exchange of investigation, says Laaksonen.

Don’t fall a victim to investment fraud

The police urge people to be cautious about foreign contacts related to investment opportunities. It is a good idea to check the details of the service provider in advance and look for information on sites that warn about investment fraud, for example. 

The police are asking for information about any contacts that have been made, and if you suspect you have become a victim of fraud, to contact the police station in your area or report the offence online.

Eurojust released a press release last week: link

Police urge people to do careful research before making an investment

  • Find out information and reviews about the investment platform
  • Check any warnings on the website of the Financial Supervisory Authority
  • Don't download remote control software to your device
  • Don't share your crypto wallet password with anyone

If you believe you have become a victim of an investment scam

  1. Contact your bank immediately
  2. Report the crime to the police at police e-services or at a police department.
News Offences and criminal investigation The National Bureau of Investigation