Binary Options Trading Fraud Raids in Bulgaria Lead to €30 Million Seizure

Binary Options Trading Fraud Raids in Bulgaria Lead to €30 Million Seizure

A major raid operation in connection to a binary options trading scam was conducted in Bulgaria by the local authorities. The official broker down on a major organized criminal group, mainly involved with binary options scams, but also was know to dabble in other financial services. It is now believed that around €30 million was stolen from investors by the perps. The group was targeting people from all over Europe.

The local authorities searched a total of 21 locations, including company offices, houses, and call centers across the country. The Bulgarian Attorney General revealed on Thursday that the nation’s officials have teamed up with a crime-busting agency, and conducted the raid on May 11th.

A total count of 68 computers, 19 phones, 43 memory cards, documents, files, narcotic substances,  and a whole lot more were seized during the raids. 5 individuals were detained, and two foreigners.  The group’s main brain is an Israeli-born who tried to flee to Bulgaria but was apprehended.

Eurojust, a crime-fighting organization was the main investigative agency, consisting of six different European countries and one Asian: Bulgaria, Israel, Poland, Spain, Northern Macedonia, Sweden, and Germany. However, the German authorities were the ones to play the most important role in identifying and essentially bringing down the fraudsters. All collected evidence will thusly be handed to the German officials.

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