The FinancialGerman law enforcement has conducted a series of raids and arrests of alleged participants in fraudulent investment companies and brokers. According to a notice from the Bamberg Prosecutor General’s Office and the Police Headquarters in Schwaben, Germany some 18 people were arrested.
The authorities apparently also conducted searches at 17 different properties and 7 call centers in an effort to bring alleged scammers to justice. The individuals and their firms allegedly scammed European investors by offering fake investment platforms through companies and websites such as FXCMarkets, FXOptexGroup, Swissinv24, CFXPoint, IForex24, CodexFX, HBCMarket, CapitalGFX, Investment Department, Tradingmarkets24, and Brokermasters.
German authorities indicated they intend to prosecute those arrested: “as things stand, the Central Office Cybercrime Bayern will ask for the extradition of at least six of the arrested men. The detainees come from the Republic of Kosovo, Albania, and Germany. The detainees are, on the one hand, call center employees, who were particularly ‘successful’ with German-speaking victims and are said to be responsible as ‘top brokers’ for damages in the millions, and on the other hand, the leaders of the call centers.”
Investors and traders should always check their broker before transferring any funds or opening an account to avoid becoming a victim of such fraudulent schemes.