Greek Police Bust Alleged $9M AI Crypto Scam That Promised to Double Money

A Facade of Legitimacy

Greek constabulary person dismantled a monolithic alleged cryptocurrency pyramid scheme that authorities said defrauded much than 10,000 investors of an estimated $9 cardinal nether the guise of an artificial quality (AI) association.

According to a local report, 17 people, including 2 suspected ringleaders and respective subject personnel, were arrested during early-morning raids connected Sept. 30 led by the Katerini Crime Investigation and Detection Subdirectorate. Another 9 suspects person been named successful the ceremonial lawsuit file.

The syndicate reportedly operated nether a beforehand enactment known arsenic the Hellenic Artificial Intelligence Team Association, oregon AT Team Greece. To make an illusion of legitimacy, the radical established carnal branches crossed Greece—including successful Larissa, Katerini, Peristeri, Kanalaki and Mytilene—while organizing societal events, nationalist sponsorships, and charitable donations.

Promoted arsenic a low-risk, high-return concern platform, the strategy promised victims that an AI-powered automated trading algorithm would treble their wealth successful USDT oregon USDC stablecoins wrong 50 days. During this period, investors were barred from making withdrawals. On Sept. 1, each withdrawal functions were frozen wholly nether the pretense of a strategy shift, leaving investors’ funds trapped.

Police described the level arsenic a classical pyramid strategy operating without authorization from fiscal regulators. Incoming funds from newer recruits were utilized to wage commissions to earlier members, portion the superior proceeds were laundered into offshore integer banks and cryptocurrency wallets.

Raids and Evidence Seized

Records amusement the enactment was formed by April 2025 earlier expanding crossed the country. During preliminary questioning, 18 victims reported combined idiosyncratic losses totaling $62,690.

The constabulary cognition spanned 5 offices, 9 residential properties, and a edifice successful large centers, including Athens, Piraeus, Patras, and Ioannina. During the operation, officers seized $330,521 successful currency on with an extended array of integer evidence, including 32 mobile phones, 15 tablets, 21 laptops, and 7 desktop computers.

They besides recovered 38 USB flash drives, 16 outer hard drives, a money-counting machine, SIM cards, fiscal records, and slope cards. A flare gun, firecrackers, and metallic pellets were confiscated from 1 suspect’s home.

The 17 detainees person been presented earlier the authoritative astatine the Katerini Court of First Instance and referred to an investigating justice for ceremonial prosecution.