The Polish police has arrested 11 individuals, on suspicion of running a forex scam scheme, defrauding investors in Poland and other EU countries.
According to police sources the gang is responsible for the theft of at least 520 000 USD in Poland alone, part of which are recovered during the police rides.
The people arrested were working with other scammers based in Cyprus and are reported to be of the senior management of the organization, not just call center employees, who usually make the contact with the clients, who are latter scammed.
According to police sources at least 30 more people involved in the scam syndicate are still at large, but it is unclear whether they are in Poland or Cyprus.
The police has confiscated computers, documents and other data related to the crime.
Scammers used the old technique of cold calling people with unrealistic offers of profitable investments. The required initial deposits were relatively small, but on a latter stage the victims were made to deposit a much larger amount.
Back in February a successful investigation by the authorities in Germany, Austria, Bulgaria and the Czech Republic led to the arrest of several people for running an online trading scam ring that has robbed over 100 million Euro from retail investors across Europe in 2018 alone.