German Authorities Help Bulgaria Nab Binary Options Swindlers

Law enforcement authorities from Germany performed investigations that played an important role in capturing the perpetrators of binary options fraud last week. They conducted the probe against the organized crime syndicate in Bulgaria.

We are pleased to learn about the German authorities aiding their counterparts in the Bulgarian territory. We think that their assistance is truly significant in mitigating the binary options investors’ typical woes, which are the scammers.

According to the news posted online by Finance Magnates, an online news source for Bitcoin and altcoins, and data, coverage, analysis, and breaking news about them, the German authorities would receive all the gathered proofs.

The organized criminal gang is reportedly behind the financial scams using binary options and other risky financial instruments. It is believed to have swindled roughly 30 million euros (or approximately US$36.4 million at the time of writing) from the unwitting investors.

The Bulgarian Attorney General released its official announcement last Thursday, May 13. The prosecutor’s office confirmed that it had banded together with the local organized crime-busting agency to perform raids on Tuesday, May 11.

The Bulgarian authorities stormed 21 premises, including houses, call centers, and company offices, in a search operation across three Bulgarian cities: Varna, Mezdra, and Sofia. The raids led to the seizure of plenty of important items, several financial and other documents, 19 mobile phones, 68 computer systems, and 43 memory devices.

Moreover, the Bulgarian law enforcement authorities found narcotic substances that the detained criminal group members possessed. They arrested five individuals, including two foreign nationals linked with the organized crime syndicate, which mostly conducted illicit activities in Europe.

One Israeli citizen was allegedly the gang’s leader who attempted to escape Bulgaria yet got captured by the law enforcement authorities. Thus, we want to warn our binary options traders and interested ones against the prevalence of organized criminal groups.

These scammers usually target eager and innocent victims who are mostly new investors. But we are happy to read reports about the world’s governments and their law enforcement agencies making an effort to combat these binary options fraudsters.

We learned that these authorities worldwide are getting stringent with the binary options firms because of the huge number of crimes using the risky financial instrument. For instance, recently, the US financial market regulator indicted Ran Amiran and Pini Peter, the Israeli administrators of Spot Option, who defrauded thousands of American investors.

Additionally, in Australia, the government has imposed a permanent prohibition on binary options offerings. We believe that, through the tough actions of the world’s governments, there would be reduced to zero incidences of binary options frauds in the coming months.

Binary Options Zone Copyright © 2019