Police uncover hundreds of victims in fake investment scam

Czech and Ukrainian police last autumn dismantled an organised group that defrauded Czechs through fake investment schemes. Investigators have since uncovered over 460 victims, with documented damages now reaching 158 million crowns, Czech Radio reported.

The operation, code-named Octopus, involved police from several countries. During raids in Kyiv, officers detained 17 people, found 33 million crowns in various currencies during house searches and seized a large amount of electronic equipment. They also obtained personal data belonging to victims.

The group, based in Kyiv, used two main methods: fake websites resembling legitimate investment platforms, and paid advertisements combined with fabricated reviews promising high returns.