Ukrainian authorities have dismantled a network of fraudulent investment call centers accused of stealing more than €4.3 million from German residents. Four suspects have been detained following a joint investigation involving Ukrainian and German law enforcement agencies.
The operation, known as Trade, targeted a criminal organization that allegedly operated from offices in Ukraine while approaching potential victims across the European Union. Investigators have identified 135 victims in Germany, although the authorities are still examining whether additional individuals were defrauded.
According to Ukraine’s Cyber Police, the suspects impersonated financial advisers and investment brokers, contacting potential victims through telephone calls and messaging applications. They promoted opportunities involving cryptocurrencies, stocks, and other financial products, directing people toward fraudulent online trading platforms.
Rather than immediately demanding money, the alleged scammers developed relationships with their targets and offered assistance with investment transactions. Victims were guided through opening cryptocurrency exchange accounts, purchasing digital assets, and transferring funds to wallets controlled by the criminal organization.
Investigators also found that the suspects gained access to victims’ online banking accounts in some cases. The stolen funds were subsequently transferred through bank accounts, cryptocurrency exchanges, and intermediary wallets before being converted and distributed among members of the group.
The investigation involved two major rounds of searches. During the first phase in August 2026, Ukrainian police searched 39 locations across Kyiv and the Kyiv, Vinnytsia, Zaporizhzhia, and Ivano-Frankivsk regions. The properties included residential addresses, offices, and vehicles associated with the suspects.
A second operation followed in September, when investigators conducted another 17 searches in Kyiv and the surrounding region. Officers seized more than $90,000, nearly 600,000 Ukrainian hryvnia, hardware cryptocurrency wallets, mobile phones, SIM cards, computers, and documents believed to be connected to the alleged fraud.
Four individuals, including the suspected organizer and three alleged accomplices, were detained. Authorities also identified another suspected participant, bringing the number of people formally notified of suspicion to five.
The four detained suspects were placed in pre-trial custody, while another alleged co-organizer was placed under house arrest. They face charges related to fraud and participation in a criminal organization, with potential sentences of up to 12 years in prison and confiscation of property if convicted.
Ukrainian and German investigators established a joint investigation team to coordinate evidence collection and identify additional victims. Authorities have not disclosed the names of the suspects or confirmed how much of the stolen money can be recovered.