Three individuals have been arrested in Cyprus as part of an international investigation into an alleged cryptocurrency investment fraud network accused of defrauding hundreds of victims in Belgium and the Netherlands of tens of millions of euros.

The arrests were confirmed by police on Wednesday following coordinated operations carried out across Cyprus, Belgium and Greece.

The investigation was led by the Federal Judicial Police of West Flanders, with authorities arresting five suspects in total.

The suspects, two Belgian nationals and three Dutch nationals aged between 27 and 45, face allegations including fraud, money laundering and participation in a criminal organisation.

Belgian authorities said the network was allegedly operating from Cyprus, where it is believed to have run a call centre used to target victims.

The investigation began in January 2024 after a complaint from a Belgian woman who reported being defrauded through an online investment platform.

According to investigators, the suspects allegedly used fake online advertisements featuring well known personalities from Belgium and the Netherlands to promote fraudulent investment opportunities.

Victims who provided contact details were then contacted by individuals posing as investment advisers or account managers.

Authorities said the suspects used remote access software to control victims’ computers and mobile devices, assisting them in creating cryptocurrency accounts before transferring funds to digital wallets controlled by the group.

Victims were shown false investment returns through fake websites, while requests to withdraw funds were allegedly met with demands for additional payments described as taxes or guarantees.

During operations in Cyprus, three suspects were arrested, including one Belgian and two Dutch nationals.

Police carried out searches at residences and seized computers, mobile phones, data storage devices and around €50,000 in cash.

Further arrests took place in Greece and Belgium, while Dutch authorities had previously detained another suspect considered a key figure in the organisation.

The Federal Judicial Police of West Flanders said around 200 Belgian nationals had so far been identified as victims, with losses estimated at tens of millions of euros.

The operation involved cooperation between the police, Dutch and Belgian authorities, Europol as well as the British bases.