Russian police have conducted a major operation, arresting at least 300 individuals in connection with a sprawling international crypto scam based in Moscow. Authorities claim the suspects were operating fraudulent call centers that targeted victims across more than 20 countries, convincing them to invest their money into fake cryptocurrency platforms and bogus trading schemes.

According to Irina Volk, a spokeswoman for the Ministry of Internal Affairs, the raids were carried out jointly with the Federal Security Service. The suspects allegedly posed as financial advisors, contacting foreigners and using high-pressure tactics to persuade them to transfer their savings. Once the victims sent their money, the fraudsters cut off all communication, leaving the victims unable to recover their funds.

Preliminary investigations revealed that the operation was highly organized, with multiple call centers in Moscow outfitted with over 500 workstations. The call centers employed multilingual staff, likely recruited through an extensive network, enabling them to target a global audience effectively.

Authorities stated that the scam may also have ties to a larger international fraud network led by Yegor Burkin, the at-large leader of the Khimprom organized crime group, known for its involvement in drug smuggling activities in Russia and Ukraine. Additionally, some of the stolen funds were allegedly used to finance the Armed Forces of Ukraine, further complicating the case.

Videos released by the ministry showed rows of workstations equipped with headsets, monitors, and computers, indicating the scale of the operation. Many of those detained appeared to be foreign nationals, highlighting the network’s sophistication in hiring talent.

Russian officials have been raising alarms about the growing threat of crypto-themed telephone fraud, noting the scammers’ increasingly sophisticated methods. These include using spoof numbers to appear as official agencies, adopting professional terminology to build credibility, and even making video calls while wearing fake uniforms and displaying counterfeit IDs.

The suspects are likely to face charges under Article 159 of the Russian Criminal Code, which deals with fraud committed by organized groups on a large scale. If convicted, they could face up to 10 years in prison.

This operation underscores the global nature of cryptocurrency scams and the risks associated with unverified investment opportunities. As authorities work to dismantle these networks, individuals are urged to remain vigilant and skeptical of unsolicited investment offers.