Cybertrading: suspected gang member in Würzburg charged

For months, international investigations were carried out. The impetus came from the Central Office for Cybercrime Bavaria (ZCB) in Bamberg. Investigators from Germany, Austria, Serbia and Bulgaria finally arrested two international criminal groups in April 2020. It is about alleged fraud in "cybertrading", i.e. online trading. According to ZCB, the total damage amounts to more than 100 million euros. In the meantime, several perpetrators have been charged, including a man in Würzburg.

Fraud trial at the Würzburg district court

From November 2016 to February 2019, the accused is said to have been part of a group that allegedly defrauded several thousand investors. At the Würzburg district court, the man is now accused of commercial and gang fraud. According to the public prosecutor, the members of the group targeted potential investors with advertising on the cybertrading platforms – i.e. on digital platforms on which financial instruments are traded.

At the beginning of the trial, the 39-year-old did not want to comment on the allegations. One of his defense attorneys said he will probably read out a written statement on the following day of the trial.

Penalties: Six months to ten years in prison

The accused faces a prison sentence of between six months and ten years - and a monetary payment of up to 375,000 euros. The procedure takes place in Würzburg, since a victim from Ochsenfurt has reported it. She lost a six-figure sum through the cybertrading platforms.

Loss of capital instead of promised profits

The scam is said to have proceeded as follows: The customers were supposed to open an account on the platforms - with the prospect of big profits. Account costs: around 250 to 300 euros. Once such an account existed, investors were persuaded to invest more. As an incentive, fake charts showing supposed profits were presented to the account holders.

Many investors then invested more money. In the end, a "failed trade" resulted in a total loss of the capital invested - there was no repayment or profit distribution for the investors. The money is said to have been smuggled through a large money laundering network.

Customer contacts probably via call centers

The perpetrators are said to have operated several call centers for direct customer contact. At the beginning of January 2019, a total of 472 people were employed at various locations, including in Georgia and Bosnia-Herzegovina. They worked in different languages ​​- always in the mother tongue of their customers.

The accused is said to have caused more than one million euros in damage

The accused, who is now on trial in Würzburg, is said to have worked in one of these call centers. His role was to look after customers and persuade them to deposit money and then trade in financial products.

So far, 27 injured parties have filed a complaint. The accused is accused of "supervising" them and thereby causing damage of 1.38 million euros.

Thousands of investors affected across Europe

According to investigations, the damage caused by the group of perpetrators is significantly higher. Several thousand investors from Germany are said to be affected - in other European countries a similar number of victims are known.

They are all said to have been active on the platforms created by the perpetrators, such as "XTraderFX" or OptionStarsGlobal. As of December 2020, the Central Office for Cybercrime Bavaria had received a total of 203 criminal complaints from Germany. However, the dark field is significantly larger.

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