Seven individuals have been arrested as part of a Europol investigation into money laundering and online fraud, CyprusMail reported.

Join IG, CMC, and Robinhood in London’s leading trading industry event!

The European Union Agency for Criminal Justice Cooperation said the group is alleged to have generated nearly €1 billion in turnover over the past five years, mainly through call centres in Limassol, Cyprus.

French Pensioners Hit by Fraud Scheme

Last week, Cypriot, French, and Belgian police carried out raids in Limassol. Cypriot associates have been called in for questioning, and arrest warrants were issued by the Limassol district court. Investigations are ongoing.

[#highlighted-links#]

Sources said the probe focuses on online fraud and money laundering targeting French nationals. Call centres contacted individuals across Europe, promising high investment returns. Victims, including many pensioners, were persuaded to deposit funds. Once money was received, the fraudsters allegedly disappeared, websites were shut down, addresses changed, and new targets were sought.

Authorities in France received numerous complaints. French lawyers and police visited Cyprus to assist in building the case.