Police bust criminal network that scammed Dutch out of €25 million in fake investments

Dutch police have dismantled an international criminal network that swindled 550 people in the Netherlands out of 25 million euros through fake investment schemes. Most victims reportedly lost around 10,000 euros each, while some lost hundreds of thousands. Victims described severe consequences to RTL. One could no longer afford to buy food for his family, while another considered suicide after "losing everything."

Authorities reported on the arrests of six suspects. Five were detained last week—three Dutch nationals and two Belgians, four men and one woman aged 24 to 48. They were arrested in Cyprus and Greece. The sixth suspect, 46-year-old Ehud T., who holds Israeli and Polish citizenship, was arrested in Poland the previous month. Police said T. played a key role by building and managing the network’s technical infrastructure. He gained notoriety in the 1990s for hacking NASA and Pentagon systems.

The nearly four-year investigation, known as Operation Sunflower, was led by police units in Midden-Nederland and Oost-Nederland. Since the arrests and the shutdown of the criminal group’s servers, the number of similar fraud reports has already fallen.

“This network was responsible for a significant portion of all investment fraud in the Netherlands,” Henrique van Huisstede from the Midden-Nederland police told RTL. “The most important thing is that we have arrested a number of people and ensured that this network can no longer victimize more people.”

The fraudsters placed online advertisements for new cryptocurrencies or investment courses. They then called people who showed interest. Callers posed as professional investment advisers. They started with small deposits, often just a few hundred euros. Fake online dashboards showed rapid gains to lure victims into sending larger sums.

Victims were sometimes allowed to withdraw small amounts to build trust. Many spoke with friendly, well-spoken Dutch-speaking account managers. The scammers also used names of real companies and known investment products to appear legitimate.

The network operated like a professional company. Staff exchanged emails about victims and remaining money to extract. There was a ranking system that tracked who stole the most from victims. The group maintained an internal intranet where employees asked questions and requested items such as a new headset or a new toilet seat.

Members allegedly lived as “criminal digital nomads.” They defrauded victims during the day and lived in luxury in places such as Cyprus and Greece in the evenings. Many earned tens of thousands of euros per month.

Alex, a 62-year-old from Wijchen in Noord-Brabant, told RTL about how he lost 275,000 euros. In 2023, he was contacted about investing in a Chinese cryptocurrency.

“I have been investing my whole life and was called by a party that wanted to help me buy this digital currency,” Alex told the newspaper.

He started with 250 euros. His balance appeared to grow quickly. He was assigned a Dutch account manager named Olivier.

“He was very nice, not pushy, and didn’t promise castles in the air. He sounded businesslike and professional. He also showed interest in me, and I could sometimes share my story with him,” Alex said.

Over several months, Alex made 31 transfers totaling 275,000 euros. Half of the money came from investments he built over his lifetime. Part was from a friend’s inheritance. The rest came from a loan he is still repaying at 1,100 euros per month.

When he tried to withdraw a large sum, the scammers demanded extra fees. After he paid, they cut off all contact.

“At that moment I knew I had been scammed. The ground falls out from under your feet. I burst into tears. In panic I even called those scammers for help, but they blocked me,” he told RTL.

Police have located only a fraction of the stolen money. Authorities said the priority was stopping the network and preventing more victims.