Greek Police Arrest 17 in Alleged Crypto Scheme Promising to Double Funds

Greek police arrested 17 people after raids on Sept. 30 in a case involving an alleged crypto investment scheme that promised to double participants’ money in 50 days and allegedly drew at least 10,000 people.

Two of those arrested were suspected leaders, while nine other people were named in the case file. The group allegedly operated as the Hellenic Artificial Intelligence Team Association, or AT Team Greece, and promoted the operation through business entities and an online platform.

Investigators described the operation as a pyramid scheme, in which participants were promised high returns with little or no risk. Some investors were allegedly encouraged to recruit others.

During the investigation, police identified 18 alleged victims with reported investments totaling €55,970. The amount reflects those victims’ investments and is separate from the broader estimate of funds that entered the platform.

Officers seized €295,090 in cash and electronic equipment while searching five offices and nine homes, among other locations. Those arrested appeared before a prosecutor in Katerini and were referred to an investigating judge.