The authorities in Bulgaria recently conducted a large-scale raid on over 21 premises after the criminal group were believed to have deceitfully obtained nearly 30 million euros from unknowing investors. The group are accused of having an involvement in financial fraud by using binary options and other risky means.
Bulgaria’s Attorney General officially announced on Thursday that the country’s head prosecuting office worked alongside a local crime busting unit specialising in organised crime to carry out the raids on 11 May. A number of company offices, call centres and private houses were included in the premises searched by authorities, which took place across Bulgaria in Sofia, Varna, and Mezdra.
The raids are said to have resulted in the confiscation of around 43 memory devices, 68 computer systems and 19 mobile phones, and a number of valuable items and finance-related documents. It was reported that authorities were able to detain five people thought to be connected to the group, two of which were foreign nationals. The group leader made an attempt to flee Bulgaria but was caught by authorities. Following searches of the detainees, they found narcotic substances on some of the group members.
The group is alleged to have been conducting its activities across a number of different countries, most of which were located in Europe. As such, authorities from Spain, Germany, Sweden, Poland, Bulgaria and Northern Macedonia joined forces under the direction of Eurojust in an attempt to investigate the group accused of fraud. German authorities carried out key investigations which assisted the Bulgarian authorities, which will now be handed over to the German authorities.
Criminal activity of this nature means that authorities worldwide are beginning to tighten their grasp on operators who utilise binary options. Australia has recently imposed a permanent ban on binary options offerings.
