Greek police say they have arrested 17 people in connection with an alleged cryptocurrency investment scheme that authorities estimate brought in more than $8 million from at least 10,000 participants. According to Greek public broadcaster ERT News, those detained include nine military personnel.
In a statement dated Oct. 2, Hellenic Police said investigators in Katerini uncovered what they described as a pyramid-style operation that used company structures and an online platform to make cryptocurrency investments appear legitimate. Investigators allege the platform operated without the required authorization and promised to double invested capital within 50 days.
Claims of a recruitment-based structure
Police allege the scheme relied on a layered structure in which leading figures directed the operation while other members helped bring in new participants. Authorities said users were offered bonuses for recruiting additional investors, a feature investigators cited as part of the suspected pyramid model.
ERT News reported that two noncommissioned officers were suspected of having leadership roles. In total, nine of the 17 people arrested were military personnel, according to the broadcaster. The case file also reportedly includes nine additional Greek suspects who were not among those arrested, including another member of the armed forces.
Promises of fast returns
Investigators said the operation had been active since at least 2025. Authorities allege the platform marketed high returns with little or no risk and gave participants the impression that their deposits would generate profits.
Police said the operators initially created the appearance of successful investment performance, but later failed to return the funds that had been deposited. The central claim cited by authorities is that investors were told their money could be doubled within 50 days.
Searches across several locations
The broadcaster said offices linked to the suspected network were located in Katerini, Thessaloniki, Larissa, Patras and on an island in the Dodecanese. Police carried out coordinated searches at five offices, nine homes and other premises as part of the investigation.
During those searches, authorities seized €295,090 in cash, 32 mobile phones, 28 computers, 15 tablets, 38 USB storage devices, 16 storage drives, bank cards and a money-counting machine. The scale of the seizures suggests investigators are examining both digital and financial records tied to the alleged operation.
Victims identified and court process begins
So far, police said they have identified 18 victims whose combined deposits totaled €55,970. At the same time, authorities estimate that at least 10,000 people joined the platform, indicating that the full number of affected participants may be much larger than the confirmed victim count now documented in the file.
The 17 arrested suspects were brought before the Katerini prosecutor and then referred to an investigating judge. That referral is the next confirmed procedural step as Greek authorities continue to examine the alleged scheme, the role of the suspects and the extent of investor losses.
Source: crypto.news