An organised criminal group (cyber fraud ring) involved in the cybercrime, money laundering and financial fraud has been dismantled on the 7th of July, 2020 by the Romanian National Police (Poliția Română) and the Italian National Postal and Communication Police Unit (Polizia Postale e delle Comunicazioni). Europol and Eurojust backed the operation.
On the stated date, the Italian and the Romanian law enforcement agencies had carried out 12 house searches and have arrested 12 individuals in total (4 in Romania and 8 in Italy). The operation has yielded the law enforcement authorities with personal computers, properties, credit cards, vehicles and other assets that were estimated with an overall value of more than €1.5 million.
The undisclosed criminal organisation has been using money mules in Italy that was distributed across an extensive network. The main aim of the criminal group was to launder the illegal proceeds from diverse cybercrime activities. The cyber fraud ring was actively involved in financial scams and cyber frauds like the rental and CEO frauds. Rental frauds have been conducted through advertising the non-existent properties to rent. In contrast, the CEO fraud was done via impersonating a company official in the bid to trigger hefty transfers to bogus accounts. By implementing these frauds, the criminals were successful in deceiving the victims across Europe into making the wire transfers to Italy-based bank accounts that are owned by the cyber fraud ring. As estimated, the cyber fraud group has produced up to €20 million losses annually for the victims across Europe.
— Europol (@Europol) July 7, 2020
Law Enforcement agency Europol has analytically supported the operation by facilitating the information exchange. During the action lasting two days, Europol had deployed an expert to Italy owing to cross-check the operational information in real-time against Europol’s databases and also provide leads to the investigators working in the field. Eurojust has also facilitated the coordination of the operation along with the cooperation between the judicial authorities associated with the cyber fraud ring case.
Disclaimer: Darkweblink.com does not promote or endorse claims that have been made by any parties in this article. The information provided here is for the general purpose only and unintended to promote or support purchasing and/or selling of any products and services or serve as a recommendation in the involvement of doing so. Neither Darkweblink.com nor any member is responsible directly or indirectly for any loss or damage caused or alleged to be caused by or in relation with the reliance on or usage of any content, goods or services mentioned in this article.