Police Break Up an International Investment Fraud Ring That Targeted Hundreds of Dutch Victims
Dutch and Belgian police have largely dismantled an international investment fraud network of some 700 fake advisers. Around 550 Dutch victims lost an estimated 25 million euros.
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Dutch and Belgian police have largely broken up an international criminal organisation that cheated people out of money through fake investments, in a fraud that ran for years and, according to investigators, brought in an estimated 100 million euros a month.
How the scam worked
The organisation operated much like a legitimate business, the police say, with around 700 employees spread across some 20 offices in different countries, directed from a central head office. The employees posed as financial or investment advisers and approached potential victims country by country, often reaching them through fake advertisements.
Once someone responded, they were drawn in gradually. Victims were typically in near-daily contact with their “adviser” for months. They were encouraged to start with a small deposit and then watched their money apparently grow, with rising profits displayed on a fake website. In reality, nothing was ever invested, and the profits did not exist. Many people did not realise they had been defrauded until the police contacted them during the investigation.
The scale
The police estimate that tens of thousands of people worldwide were caught up in the scheme, which had been running since 2021. Dutch and Belgian residents were hit particularly hard. In the Netherlands, around 550 people filed reports linked to the organisation, and in Belgium about 200 did so.
The financial damage in the Netherlands alone is estimated at around 25 million euros, with most victims losing about 10,000 euros each. Investigators built their case mainly on financial and digital traces, which allowed them to piece together how the organisation worked.
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The arrests
Police have arrested a number of suspects across several countries. The alleged key figure is a 46-year-old man with Polish and Israeli nationality, who was detained at a Polish airport on 26 May at the request of Dutch police. According to investigators, he held a central role in the organisation and was already known as a hacker who had targeted prominent foreign government bodies. As with all suspects, he has not been convicted and is entitled to the presumption of innocence.
Belgian police arrested five employees, and in the past week two Dutch nationals and a Belgian were detained in Cyprus, while a 44-year-old man was arrested in Athens.
A warning about ‘recovery’ scams
The police issued a specific warning alongside the takedown. They cautioned victims to be wary of so-called recovery companies, which approach people who have lost money and offer, for a fee, to get it back. These firms may be part of the same criminal network, the police said, and are a way of squeezing yet more money out of people who have already been defrauded. Their advice is not to engage with any company that claims it can recover lost funds.
How to protect yourself
Investment fraud of this kind often follows a similar pattern: an unexpected approach, a friendly “adviser” who stays in frequent contact, promises of high or steady returns, and a slick website showing profits that only ever go up. A few simple checks can help. Be cautious of investment offers that come out of the blue, especially by phone, message or social media, and of anything that sounds too good to be true. Before handing over money, it is worth checking whether a firm is officially registered with the Dutch financial regulator, the AFM, which also publishes warnings about unlicensed providers. Anyone who thinks they have been targeted can report it to the police and to the Fraud Helpdesk.