iTechGuides is reader-supported. When you buy through links on our site, we may earn an affiliate commission. As an Amazon Associate I earn from qualifying purchases. Learn more
Greek police say a cryptocurrency-investment fraud investigation led to 17 arrests after an alleged pyramid scheme promised to double investors’ money in 50 days. Separate reporting by Decrypt said two servicemen were among nine suspects accused of leadership roles. These are allegations, not court findings; the police figures also distinguish more than 10,000 people reportedly recruited from 18 victims identified during the investigation.
What Greek police allege happened
In an announcement dated 2 October 2026, the Hellenic Police said its Katerini Crime Prosecution and Investigation Sub-Directorate had spent months investigating activity dating back at least to 2025. Police allege that the group used an online investment platform and apparently legitimate corporate entities to attract participants, promising that their initial capital would double within 50 days.
Investigators described a pyramid-style recruitment model: participants were allegedly encouraged to bring in others, while the platform was presented as an investment opportunity. Police said the operation lacked authorization from the competent authority. That is the police account; the announcement does not cite a separate regulator’s finding.
The police announcement says 17 people were arrested, identifies two as alleged leaders, and says a case file was formed for nine additional members. Police said the suspects were referred to an investigating judge. Arrests and referral are procedural steps, not proof of guilt.
What role did Greek servicemen allegedly play?
Decrypt reported on 5 October 2026, citing To Vima and other reporting, that two servicemen were among nine suspects accused of leadership roles. It described the two as coming from Pieria and Larissa, and reported investigators believed one learned of the method through an overseas contact. Those details come from secondary reporting; the police announcement consulted here does not identify the servicemen or confirm their alleged roles.
Decrypt also reported that a 44-year-old who led the Association of Artificial Intelligence Friends in Katerini was remanded in custody after questioning. The report described the association as an alleged recruiting vehicle. The police release does not name the association in the available text.
The counts should not be merged: police report 17 arrests, two alleged leadership members, and a case file for nine additional members. Decrypt’s account refers to two servicemen among nine suspects accused of leadership roles. The available accounts do not establish that the two references to nine describe the same group.
The Tool Desk
Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →What the reported figures mean
| Measure | What was reported |
|---|---|
| People recruited | More than 10,000, an estimate attributed to Hellenic Police in its 2026 announcement. |
| Money flowing into the platform | More than $8 million, an estimate attributed to Hellenic Police; it is not established as net loss or a recoverable amount. |
| Victims identified by police | 18 people, reporting a combined €55,970 invested during the investigation. |
| Cash seized | €295,090, reported by police as seized during searches; seizure does not establish that the money has been returned to investors. |
These are different measures, not competing totals. The police figure for 18 identified victims is not a count of everyone recruited, and the sources do not explain why the reported recruitment and victim-identification figures differ. Nor do they establish a final number of affected people or total losses.
Decrypt reported additional case details: an €800 entry amount and a €5,000 VIP amount, with investors in both tiers allegedly promised a doubling of their money. It also relayed an estimate of 1,842 members and about €2 million in Katerini alone. These are reported details, not figures in the police announcement, and should not be treated as independently established totals.
What investigators say they seized
Police reported searches at five offices, nine residences, and other premises. The listed seizures included 32 mobile phones, 38 USB drives, 16 storage disks, 28 computers, 15 tablets, a money-counting machine, a CCTV recorder, bank and SIM cards, and €295,090 in cash. These are police-reported evidence and property seizures; the announcement does not say the cash was restitution.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Where the case stands—and what is still unknown
The allegations had not been tested in court in the reporting available as of 7 October 2026. Decrypt reported that six of the first group of seven suspects were released under restrictive conditions, with bail set between €15,000 and €20,000; it also reported that the 44-year-old association leader was remanded in custody. Those are details attributed to Decrypt and its cited reporting, not the police announcement.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
The sources do not establish the complete list of suspects, the platform’s full transaction history, how much money can ultimately be traced or recovered, the final number of affected people, or a final court ruling. They also do not independently establish the servicemen’s or association’s detailed roles beyond the secondary reporting.
The police characterized the alleged operation as working through apparently legitimate corporate forms and an online platform, misleading people with false assurances that their initial capital would double. That is the substance of the institutional police statement, not a court’s conclusion. For the primary announcement, see the Hellenic Police release of 2 October 2026; for the servicemen and association details, see Decrypt’s 5 October 2026 report.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
