Europol Uncovers Forex and Binary Options Scam


Europol has teamed up with other security forces to uncover an investment scam in Forex and binary options markets.

January 28, 2021 | AtoZ Markets – The Spanish National Guard (Guardia Civil) together with the police of Catalonia (Mossos d’Esquadra) and Andorra, as well as with the participation of Europol, exposed a fraudulent scheme in the Forex and binary options market.

Six investment fraud suspects arrested in Andorra

According to the investigation, the fraud had an international scope. Led by Andorran Police under the judicial direction of Specialized Batllia Instruction 2, an operation carried out in January has resulted in the arrest of six suspected fraudsters aged between 20 and 34 years.

The detained suspects allegedly defrauded thousands of clients by offering investment training services. The Andorra-based company specialized in teaching investment in cryptocurrencies and other assets.

The police searched two houses and seized: eight cars; several electronic devices; about €70 000 in fiat money and cryptocurrency, including Bitcoin, Ethereum, Ripple, OmiseGo; many bank accounts associated with the company.

Europol actively facilitated and assisted with the investigation, involving experts from the European Financial and Economic Crimes Center (EFECC) and the European Cybercrime Center. During the operation, Europol employees were in Andorra to participate in operational activities and conduct examinations.

Europol‘s headquarters is located in the Netherlands. The organization supports 27 European Union countries in the fight against terrorism, cybercrime, and other types of organized crime. In addition, the organization cooperates with non-European and international law enforcement agencies.

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