Europol helps dismantle Andorra trading scam

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An announcement made by Europol, revealed that European authorities helped dismantle a trading scam. According to the announcement made, the investigations lead to multiple arrests and seizures. The illegal trading organization based in Andorra specialized on forex and binary option trading. In total, authorities revealed that thousands of euros have been seized.

The Investigation

Not much information has been revealed on the investigation. It is unclear when the group got under the law enforcement radar. Europol claimed that the Spanish national guard along with the police of Catalonia and Andorra conducted the operation. European Financial and Economic Crimes Center and the European Cybercrime Center also assisted. During the investigation, multiple Europol employees visited Andorra.

Last Thursday, authorities successfully conducted the raid on the organization. 6 members aged from 20 and 34 years were arrested. During the raid, over 70,000 Euros in fiat and cryptocurrency have been seized. This includes Bitcoin, Ethereum, Ripple, OmiseGo and multiple bank accounts. 8 Vehicles were also seized.

Conclusion

Although not a huge one, this operation did a good job at setting another example. No matter how big you are, defrauding normal civilians will result in government attention. Europol also noted that they are ready to assist any European country with fighting organized crime.

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