Nearly a thousand Ukrainians were defrauded: police uncovered a fake investment center
28 July 18:12
Law enforcement officials have uncovered a criminal organization that, under the guise of investment training, defrauded nearly a thousand Ukrainians out of more than a million dollars. This was reported by "Komersant Ukrainian", citing the National Police.
Among the victims are retirees, people with disabilities, and the seriously ill. Some of them gave the scammers money they had set aside for medical treatment or to buy a home, and after losing their savings, they even took out loans.
“Police have identified 988 unique accounts that may belong to the victims. Thus, the number of people defrauded may reach nearly a thousand, and the amount of damages caused is approximately $1,110,000,” the agency stated.
Four key members of the criminal organization were identified and detained by investigators from the National Police’s Main Investigative Directorate in collaboration with cyber police. The court has already ordered that all suspects be held in pretrial detention.
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The suspects operated under the guise of the so-called “Ukrainian Financial Academy” and offered citizens training in cryptocurrency investments. They posted advertisements on Facebook and Instagram, promising assistance from experienced traders and quick profits.
After a person submitted an application, managers would assess their financial situation and gain their trust. Next, the so-called traders convinced them to transfer money to accounts and crypto wallets under their control, while displaying supposedly earned profits on a fake platform.
Sometimes the victims were even allowed to withdraw a small amount to fully convince them to invest even more. When people tried to get their money back, the accounts were blocked, and new payments were demanded to “unblock” them—allegedly for commissions or to replenish a reserve fund.
“Within the criminal organization, everyone played their own role. Some were responsible for advertising and recruiting people, while others communicated with the victims and persuaded them to transfer money. Two co-organizers managed the organization’s activities, selected participants, assigned roles to them, and distributed the funds received,” the police explained.
The participants in the scheme deliberately targeted victims who were facing the most difficult life circumstances. In particular, a woman with cancer transferred about half a million hryvnias to them—money she could have used for treatment. They knew about her serious illness but continued to trick her out of her money anyway.
After people lost their own savings, they were persuaded to take out loans or transfer family savings set aside for the purchase of a home. Even while realizing that their actions were dooming people to financial ruin, the suspects continued to demand new payments.
To attract new clients, members of the organization used the victims themselves. One of the women was persuaded to record a positive video testimonial while the platform was still showing fictitious profits. She had no idea that this recording would later be used to deceive other people.
The suspects’ involvement in criminal activity is confirmed by the results of dozens of searches conducted in the Kharkiv and Dnipropetrovsk regions.
Police investigators informed the four detainees that they are suspected of fraud committed on an especially large scale as part of a criminal organization—under Parts 4 and 5 of Article 190 and Parts 1 and 2 of Article 255 of the Criminal Code of Ukraine. The court ordered them to be held in pretrial detention.
The penalties under the charged articles provide for up to twelve years of imprisonment with confiscation of property.
Prosecutors from the Cybercrime Division of the Office of the Prosecutor General are overseeing the criminal proceedings.
Currently, investigators and cyber police are identifying other members of the criminal organization and the full list of victims. The pretrial investigation is ongoing.
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