Dutch and Belgian police dismantle €100m-a-month fraud ring

Law enforcement agencies in the Netherlands and Belgium have dismantled a large-scale international investment fraud network that allegedly defrauded tens of thousands of victims of tens of millions of euros. The operation, announced this week, culminated in the arrest of six suspects across Europe, including a 46-year-old dual Israeli-Polish national described by police as a well-known hacker.

The criminal organization, active since at least 2021, was structured like a legitimate multinational business, operating roughly 20 call centers across several countries and employing more than 700 people who posed as financial advisers. At its peak, the network is estimated to have taken in more than 100 million euros per month. The main suspect was arrested at a Polish airport on May 26 after arriving from Dubai and was subsequently extradited to the Netherlands, where a judge ordered him held for 14 days pending further legal proceedings. Dutch police noted he had a prior history of cybercrime, including prosecution for hacking into foreign government systems, but did not publicly confirm his identity.

Additional arrests were made in Cyprus, Belgium, and Greece. The suspects face...