An investigation by Belgian authorities into an organization suspected of engaging in crypto fraud has led to the arrest of three people in the Netherlands.
The Netherlands-based NL Times reports that Dutch authorities have also seized luxury watches, counterfeit money, real money and digital assets.
The Belgian public prosecutor claims that the criminal organization was targeting individuals on high-end real estate platforms. Members of the group met these people in key cities including Amsterdam, Maastricht, Brussels, Paris, Barcelona and Milan.
The suspects reportedly asked their potential victims to exchange large denominations of silver, gold or cryptocurrency for cash, plus a 10-15% commission. A Belgian prosecutor said that the scheme probably involves tens of millions of euros per year.
“If the victim bites, an exchange trick is performed in which the victim loses their money, gold or cryptocurrency and is struggling with fake money.”
The suspects now face charges of hacking, computer fraud, theft, money laundering and membership of a criminal organization, but the operation is said to continue to approach potential victims.
“This is why the message is this: never accept a date abroad, do not accept an ancillary agreement in cash, crypto-currencies or the like. Indicate that you want to transact through the normal channels, and a predetermined commission of 10-15% is too good to be true and therefore false.
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