Dutch police say an international criminal organization operating approximately 20 fraudulent call centres generated more than €100 million a month by convincing victims to invest through fake trading platforms.

The network allegedly employed more than 700 people who posed as financial advisers. Investigators say callers spent weeks or months gaining victims’ trust before persuading them to transfer increasingly large amounts, often for supposed cryptocurrency investments.

A 46-year-old Israeli-Polish man described by authorities as the network’s main suspect was arrested at a Polish airport on May 26 while travelling from Dubai. Additional suspects were later arrested in Cyprus and Athens.

Police have connected approximately 550 complaints in the Netherlands and another 200 in Belgium to the organization. Dutch victims are believed to have lost nearly €25 million, with most reporting losses exceeding €10,000.

Authorities estimate that tens of thousands of people may have been defrauded worldwide. Police also warned victims against companies offering to recover their money, saying some alleged recovery services may be operated by the same criminal network.

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Originally published on Canadian Fraud News.