Norwegian authorities have charged four men for allegedly orchestrating a crypto investment scam that defrauded investors of around 900 million kroner. The funds were reportedly laundered through law firm accounts.
Charges and Fraud Extent
In February 2023, Norway charged four men with orchestrating a crypto investment scheme that collected approximately 900 million kroner from victims worldwide. Økokrim, the National Authority for Investigation and Prosecution of Economic and Environmental Crime, claims that this was a large and extensive scam.
Scheme and Scammers' Methods
According to investigations, victims were misled with promises of shares in investments and profits from gas, mining operations, and real estate. Økokrim alleges that no actual investments were made, and funds flowed only from new investors. Around 700 million kroner was laundered through law firm accounts and other companies in Asia. 'The use of client accounts and company structures both in Norway and internationally complicated the investigation,' Økokrim said.
Legal Proceedings and Defense
The Norwegian Broadcasting Corporation (NRK) reported that the four accused are Norwegian men aged between 50 and 70, who operated between 2015 and 2018. Three men are charged with collecting the money, while the fourth is accused of aiding money laundering. The case is set to take place in Oslo District Court in September and is expected to last 60 days.
The case draws significant attention from Norwegian and international media. The proceedings are expected to shed light on the nature of such fraudulent schemes in the crypto space.
