Greek police arrest 17 in crypto fraud scheme exceeding $8M
Greek police have arrested 17 people in an alleged cryptocurrency investment scheme that authorities estimate collected more than $8 million from at least 10,000 participants. Hellenic Police said in an Oct. 2 statement that investigators in Katerini uncovered a suspected pyramid operation using company structures and an online platform to present cryptocurrency investments as legitimate. Greek crypto fraud suspects allegedly used recruitment bonuses ERT News reported that nine of the arrested suspects were military personnel, including two noncommissioned officers allegedly holding leadership roles. Citing information obtained by reporter Giorgos Gerafentis, the broadcaster said members received bonuses for bringing new participants into the platform. Its account described a hierarchy in which alleged leaders controlled the operation while recruits helped attract further investment. According to ERTs reporting, the operators initially gave participants the impression that their investments could generate profits, before failing to return the money they had deposited. The broadcaster placed the suspected networks offices in Katerini, Thessaloniki, Larissa, Patras and an island in the Dodecanese. ERT also reported that the case file included nine additional Greek suspects, among them another member of the armed forces. In the police account, the operation had been active since at least 2025 and offered guaranteed high returns with little or no









