FinTelegram has already reported about the European law enforcement actions against scammers in Sofia, Bulgaria, and Belgrade, Serbia. Today, the authorities have sent out the official press releases and thus the whole truth can be revealed. Despite COVID-1 crises, law enforcement agents executed actions against the scammers on April 2, 2020. The suspected fraudsters appear to have taken refuge in safety in the face of COVID-19 emergency operation by authorities and travel restrictions. The perpetrators, against whom the “Action Day” was directed, have operated the following platforms, among others, XTraderFX, CryptoPoint, SafeMarkets, OptionStars, and GoldenMarkets as well as Trade Capital, Fibonetix, Nobel Trade, and Forbslab.
The Bulgarian strike
During the first operation, several offices and apartments have been searched and four suspects were arrested in Bulgaria. Sofia was the headquarters of the Israeli scam mastermind Gal Barak, currently imprisoned in Austria, and his E&G Bulgaria. Even after his extradition to Austria in autumn 2019, Barak’s wife Marina Barak and his partners continued to operate scam broker sites and/or dealing with client-victim data. The Bulgarian Boiler Rooms were massively involved. With this action, the remains of Gal Barak‘s cybercrime organization should be destroyed.
The German Strike
In Germany, EUR 2.5 million were frozen on the bank account of a company involved in the fraud scheme. Among those arrested is a German citizen. The confiscated money was in the accounts of the Fibonetix scheme with the German Wirecard.
The Serbian Strike
Five suspects have been arrested in the Belgrade Strike. Nine places have been searched and e places, seizing five apartments, three cars, a considerable amount of cash, and IT equipment. Additionally, more than 30 bank accounts were put under surveillance. Based on the information gathered during the action day, authorities engaged in another operation against the Belgrade SelectX Marketing DOO and i-Source DOO on 4 April, arresting one additional suspect and seizing servers, other IT equipment, and documents.
The Role of FinTelegram
Since mid-2018, FinTelegram has cooperated closely with the authorities and obtained information that initially led to the arrest of Gal Barak and his German partner Uwe Lenhoff in early 2019. Through FinTelegram’s connections in Serbia, Germany, Israel, and Bulgaria, the investigation of the authorities could be further expanded by crucial information from whistleblowers, insiders, and victims. This ultimately led to the Action Day on April 2, 2020. It is certainly no understatement to say that without the contribution of FinTelegram the arrests would hardly have been possible.
Stay tuned – more information soon!