Greek police arrested 17 people and dismantled a criminal organization accused of running a cryptocurrency pyramid scheme that collected about $8 million from at least 10,000 participants, according to an October 2 statement from the Hellenic Police. Investigators in the northern city of Katerini led the months-long inquiry, which ended in coordinated raids across nine Greek regions and the seizure of cash, computers and dozens of storage devices.
A pyramid scheme promising returns within 50 days
The group operated through legitimate-looking company structures and an online platform, misleading investors with false assurances that their initial capital would double within 50 days, police said. It recruited at least 10,000 people and had been active since at least 2025, while an estimated $8 million flowed into the platform. Members systematically promised high, guaranteed returns with minimal or zero risk, while other members focused on signing up new investors so their own earnings would grow, a feature that gave the operation its pyramid structure. The organization held no license from the competent authority. The takedown follows a pattern of enforcement against similar schemes, including a case where Ukrainian police dismantled a crypto scam that stole roughly $1 million a month.
Arrests across nine regions
A coordinated operation spanning Pieria, Larissa, Mytilini, Patras, Ioannina, Komotini, Preveza, Attica and Kavala led to the arrest of 17 members, including two alleged ringleaders, with a case file opened against nine more. Police identified 18 victims who had invested a combined €55,970 through the platform, a small share of the total the scheme is estimated to have collected. During searches of five offices, nine homes and other premises, officers seized €295,090 in cash, 32 mobile phones, 38 USB sticks, 16 data-storage disks, 28 computers, 15 tablets, a money-counting machine and a CCTV recorder, among other items. A flare gun, firecrackers and metal pellets were also recovered from one suspect.
Prosecution underway
The suspects were brought before a prosecutor in Katerini and referred to an examining magistrate, police said. The investigation remains open as authorities work through the case file naming nine additional members of the group. The count of identified victims is likely to grow, given the estimate that the platform recruited at least 10,000 people. The case adds to a widening push by law-enforcement agencies to pursue crypto investment fraud, following crypto fraud investigations across Europe that combine on-chain tracing with cross-border coordination.
