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Ukraine Cyber Police dismantles investment scam gang

2023-08-22 22.56.05

Fake online trading platform orchestrated by Kropyvnytskyi residents exposed, leading to a criminal investigation.

The Cyber Police have successfully halted a fraudulent investment scheme that swindled citizens out of more than half a million hryvnias. Residents of Kropyvnytskyi were behind the creation of a fake online exchange, offering investors the promise of profits from trading activities.

A 21-year-old individual was responsible for crafting and populating the content of the web portal for the fabricated trading exchange, designed to simulate trading operations. The “brokerage” company associated with the platform claimed to be registered in a Pacific island nation, with its main office supposedly located in a European capital. The organizer involved acquaintances in this illicit endeavor.

Law enforcement agents conducted searches at the suspects’ residences, resulting in the seizure of incriminating records, computer equipment, mobile phones, and dozens of bank cards used in the illegal operation.

A criminal investigation has been launched under Article 190, Part 3 (Fraud) of the Ukrainian Criminal Code. If convicted, the suspects could face up to five years of imprisonment. The investigation is ongoing as authorities continue to gather evidence and conduct necessary inquiries.

This recent operation by the Cyber Police underscores the commitment to safeguarding citizens from online fraud and financial exploitation. As technology evolves, law enforcement agencies remain vigilant against emerging cyber threats and work tirelessly to maintain the integrity of financial systems.

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