Greek Police Arrest 17 in $8 Million Crypto Pyramid Scheme

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Greek police have arrested 17 people and dismantled a group accused of running a cryptocurrency pyramid scheme that collected about $8 million from at least 10,000 participants, the Hellenic Police said on 2 October.

Investigators based in Katerini led the inquiry. It ended in coordinated raids across nine regions, with officers seizing cash, computers and storage devices.

Investors told capital would double in 50 days

Police said the group used company structures and an online platform that appeared legitimate. Investors were told their initial capital would double within 50 days. The operation had been active since at least 2025 and held no licence from the competent authority.

Members systematically promised high, guaranteed returns with little or no risk. Others concentrated on recruiting new investors so their own earnings would grow, which gave the scheme its pyramid structure.

Raids in nine regions

The operation covered Pieria, Larissa, Mytilene, Patras, Ioannina, Komotini, Preveza, Attica and Kavala. Seventeen members were arrested, including two alleged ringleaders. A case file was opened against nine more.

Police have identified 18 victims who invested a combined €55,970, a small share of the estimated total taken through the platform. Searches of five offices, nine homes and other premises recovered €295,090 in cash, 32 mobile phones, 38 USB sticks, 16 storage disks, 28 computers, 15 tablets, a money-counting machine and a CCTV recorder. A flare gun, firecrackers and metal pellets were also found on one suspect.

The suspects appeared before a prosecutor in Katerini and were referred to an examining magistrate. The investigation remains open, and the number of identified victims is expected to rise.

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