Greek military personnel face questioning over their alleged leadership roles in a large cryptocurrency investment scam.
Authorities continue examining how the organization recruited investors and moved money through digital channels.
Investigators are also working to establish the responsibilities of each participant in the network. The case has drawn wider attention because serving soldiers allegedly held senior positions within the operation.
Nine key suspects were due before an investigating magistrate on Monday, Greek media reported. The group includes two military personnel who allegedly held leadership positions in the pyramid-style crypto scheme.
Greek police have detained 17 people in connection with the organization, according to To Vima. Prosecutors accuse the group of convincing investors to deposit money through a cryptocurrency platform under its control.
The platform promised investors quick and unusually high returns from cryptocurrency trading. Investigators estimate that around 10,000 people joined the investment scheme.
Minimum deposits reportedly started at €800, or nearly $900. Investors contributing at least €5,000 received VIP status and promises that their money would double within weeks.
However, those returns never materialized.
Authorities estimate that the organization generated about $8 million from the crypto scam. Some Greek outlets have placed the figure at €8 million, equivalent to almost $9 million.
Greek crypto scam investigation traces thousands of investors
The Directorate for Crime Investigation in Katerini opened the investigation in July. Authorities acted after receiving two anonymous complaints through Greece’s gov.gr digital services portal.
Investigators found at least 1,842 members connected to the scheme in Katerini alone. Participants in the northern Greek city reportedly invested about €2 million before authorities uncovered the operation.
The project operated under the name “Association of Artificial Intelligence Friends.” Its promoters claimed AI-powered cryptocurrency trading would generate substantial profits for members.
Investors could initially access their account balances during the first 50 days after depositing money. However, the platform suspended withdrawals on September 1.
Operators reportedly told investors that they had changed the platform’s investment strategy.
Authorities have already questioned seven arrested suspects, including military personnel from different ranks. Courts released six suspects on bail ranging from €15,000 to €20,000, according to ERT.
A 44-year-old Katerini resident remained in custody. Investigators consider him a key member who operated as a local team leader for the organization.
Soldiers allegedly helped lead and develop crypto operation
Among Monday’s nine suspects are a serviceman from Pieria and another military member from Larissa. Investigators reportedly consider the Larissa serviceman the suspected mastermind behind the crypto investment network.
Authorities also found that the two soldiers travelled abroad together. Investigators believe they sought technical knowledge needed to establish the cryptocurrency operation.
A third person allegedly provided that knowledge but has not yet been identified.
Judicial authorities are now tracing how participants collected investor funds and where the money ultimately went. They are also examining each suspect’s role inside the organization.
Investigators found that members moved part of the proceeds through digital banks outside Greece. They also converted some funds into cryptocurrency before transferring them into digital wallets controlled by the group.
Police arrested most suspects during an operation on September 30. Officers searched homes and offices across several Greek cities.
Authorities seized more than €295,000 in cash alongside bank cards. Police also recovered dozens of mobile phones, computers, storage devices, documents and handwritten notes.
Investigators continue examining the seized material as they map the financial network behind the alleged crypto scam and determine the soldiers’ roles.
