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      Greek Police Arrest 17 in Alleged $8 Million Crypto Pyramid Scheme

      Greek police have arrested 17 individuals, including nine military personnel, in connection with an alleged pyramid scheme that reportedly defrauded around 10,000 investors out of approximately $8 million. The arrests took place in Katerini on September 30, 2026, following a coordinated raid prompted by anonymous tips received in July.

      The scheme was marketed as a crypto investment platform promising to double participants' money in just 50 days with minimal risk. It operated without a regulatory license and relied heavily on recruitment bonuses, incentivizing participants to bring in new investors. The operation was allegedly disguised under the guise of an association for artificial intelligence enthusiasts, known as the Hellenic Artificial Intelligence Team Association: AT Team Greece, which had multiple branches across the country.

      Authorities began their investigation after freezing withdrawals from the platform on September 1, 2026, leading to numerous complaints from participants. During the raid, police seized approximately €295,090 in cash and various electronic devices. While the scheme reportedly collected significant funds, only €55,970 in losses have been identified from 18 victims so far, raising questions about the true extent of the fraud and the willingness of participants to come forward, especially those who may have benefited from recruiting others. The investigation continues, with hearings already underway for the suspects, some of whom have been granted bail.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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