A joint investigation between Polish and Ukrainianauthorities has led to the shutdown of three call centers linked to alarge-scale forex fraud scheme that targeted thousands of investors. According to the Central Office for Combating Cybercrime, the operation resulted in multiplearrests and the seizure of significant assets, as officials continue toinvestigate an organized group accused of running fake investment platforms.Cross-Border Investigation and ArrestsThe case began after Polish authorities recorded a rise incomplaints from individuals who claimed losses through online forexinvestments. The Krakow Regional Prosecutor’s Office identified an organizedcrime group that presented itself as legitimate brokers offering tradingopportunities in the foreign exchange market.You may also like: Dubai Police, US and China Avert $562M in Crypto Scam Losses, Unravel “Pig Butchering” NetworkInvestigators found that the platforms did not conduct realtrades. Instead, operators simulated activity to convince victims that theirinvestments were growing. Once funds were deposited, the group redirected themoney.Poland’s Central Cybercrime Bureau, working withprosecutors, requested assistance from Ukraine after tracing parts of theoperation to multiple locations there. Authorities identified 28 sitessuspected of hosting the call centers.Ukrainian law enforcement conducted searches at theselocations and uncovered three active call centers. Officers detained 12individuals during the raids, with nine placed in pretrial detention.Prosecutors have brought charges against 23 suspects in connection with thecase.Losses, Seizures, and Ongoing ProbeAuthorities estimate that at least 2,000 victims wereaffected, with total losses reaching a minimum of 80 million Polish zlotys. Theinvestigation also led to the seizure of assets valued at 18.2 million zlotys.Recovered property includes cryptocurrency, cash, luxurycars, watches, and other high-value items. Courts have also imposed bailtotaling 4.4 million zlotys as proceedings continue. Officials say the case reflects a broader pattern ofcross-border investment fraud, where criminal groups use call centers anddigital tools to target victims in different countries. In a related caseearlier this year, European authorities dismantled another network that causedlosses exceeding €50 million. The current investigation remains active, with authoritiesworking to identify additional participants and trace remaining funds.Cases of forex fraud are on the rise. In April, for instance, Dubai Police, working with US and Chinese authorities disrupted a major “pig butchering” crypto scam network that targeted victims across several countries. Authorities said they have warned nearly 9,000 potential victims and prevented an estimated $562 million in losses, arresting 276 suspects and shutting down nine scam centers, most of them in the United Arab Emirates. Prosecutors in the US have charged several people linked to the scheme with crimes including wire fraud and money laundering, calling the case part of a wider push against fast-growing cross-border financial crime. Investigators found that the network ran organized scam hubs where recruited staff followed scripts to build long-term trust with victims before steering them into fake cryptocurrency platforms. Victims were helped to set up accounts and move funds, then pressured to keep increasing their deposits, sometimes by borrowing or cashing out savings, only to lose control of their money once it was transferred. Regulators and law enforcement agencies worldwide say such schemes are expanding rapidly, especially as criminals use AI tools to make their messages more convincing and to scale up these fraud campaigns.This article was written by Jared Kirui at www.financemagnates.com.