Greek Military Personnel Jailed Over $8 million Crypto Pyramid Scheme

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Two Greek military personnel accused of leading an alleged cryptocurrency pyramid scheme have been remanded in custody as authorities investigate a network that reportedly attracted at least 10,000 investors and generated around $8 million.

Authorities completed the questioning of all 17 people arrested in the case following a marathon process. Judicial officials ordered three defendants into pre-trial detention, while the other 14 were released under restrictive conditions, with some also required to provide financial guarantees.

Among the final nine defendants to appear before judicial authorities were the two alleged leaders of the organisation, who, according to reports, are members of the Greek military.

The two defendants denied the charges, which include participation in a criminal organisation, fraud and money laundering.

Alleged cryptocurrency pyramid scheme

According to the police investigation, the organisation allegedly operated a well-organised pyramid scheme that presented itself as a cryptocurrency investment opportunity.

The suspects allegedly attracted participants through apparently legitimate corporate structures and an online platform that promised exceptionally high returns.

The main incentive was reportedly a promise that investors could double their initial capital in just 50 days, while presenting the associated risk as minimal or even non-existent.

Authorities believe the organisation began operating at least in 2025 and continually recruited new members and investors to sustain the pyramid structure.

$8 million and at least 10,000 people

Investigators estimate that approximately $8 million flowed through the platform, while at least 10,000 peopleallegedly joined the network.

Authorities have already identified dozens of people who reportedly paid money to participate in the investment scheme.

Police carried out a large-scale operation across Pieria, Larissa, Mytilene, Patras, Ioannina, Piraeus, Komotini, Preveza, Athens and Kavala.

The case file also names nine additional people, while investigators continue to determine the full number of people involved and identify further potential victims.

Almost €300,000 in cash seized

Police searches of homes, offices and other premises uncovered a large quantity of electronic equipment and other evidence.

Authorities seized 32 mobile phones, 38 portable data-storage devices, 16 hard drives, 21 laptops, seven desktop computers and 15 tablets.

The seized items also included bank cards, mobile phone SIM cards, a money-counting machine and a closed-circuit security camera recorder.

The most notable discovery was €295,090 in cash, which authorities seized during the searches.

Investigators are now examining the case in detail, focusing on the full movement of the money, how the alleged pyramid operated and the total financial losses suffered by people who allegedly fell victim to the investment platform.

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