European law enforcement agencies are intensifying probes into two separate cryptocurrency fraud schemes that have left victims across France and Cyprus defrauded of over €1.5 million. On June 5, Cyprus police disclosed investigations into two complaints from Nicosia and Paphos totaling nearly €75,000. Meanwhile, a joint French-Albanian operation uncovered a sophisticated call center network in Tirana that conned 19 French victims out of almost €1.5 million.
In Cyprus, a 72-year-old man from Nicosia lost €48,500 after responding to an online advertisement for crypto investments. The scammer, pretending to be a financial adviser, convinced the victim to install a remote-access application on his computer, enabling direct oversight of his banking activity. After an initial small test payment, the victim deposited larger sums, only to be hit with demands for withdrawal fees. A second victim in Paphos lost a smaller amount using a similar method. Financial crime investigators are handling both cases, warning the public against promises of high returns.
In Albania, the fraud network operated from luxury offices in Tirana, targeting French-speaking investors with fake identities and bogus trading platforms such as Universatrade.io. Former police officer Fatjon Softa explained that Tirana’s multilingual workforce and low costs made it an ideal base. Workers like a man identified as Jon posed as American advisors, earning three times the Albanian minimum wage. Jon, who modeled his approach on the "Wolf of Wall Street" character, showed no remorse, stating "I don’t see why I should have any qualms if people fall for it." The scheme began with small investments that appeared to grow quickly; one businesswoman, Chantal, lost €80,000 after putting in just €250. She described being called up to 20 times a day when she tried to withdraw, leading to sleepless nights and a feeling that scammers "steal your dignity." A source close to the investigation noted the scams are highly sophisticated, using fake LinkedIn profiles and identity cards. Five Albanian citizens have been detained, and a hard drive with victim contact details was seized during raids.
