Norwegian authorities have charged four men in a major cryptocurrency fraud case that affected thousands of investors. The scheme allegedly raised over 900 million kroner ($80 million) by promising high returns on fake investments.
The Fraudulent Scheme: Empty Promises and Fake Investments
Between March 2015 and November 2018, the accused promoted an investment opportunity promising high returns through shares and cryptocurrencies. Investors were convinced they were supporting a thriving business, but Økokrim found no evidence of real investments. Instead, funds circulated to maintain an illusion of profitability.
The Accused: Who Are They?
The four men charged are Norwegian citizens in their 50s to 70s. Three allegedly collected investor funds, while one was accused of facilitating money laundering. The trial is set to start in Oslo in September and last 60 days.
The case highlights the complexities of cryptocurrency fraud investigations, where schemes continue to target victims globally.
