Munich Police Warn of Surge in Cybertrading Fraud, Millions Lost to Cryptocurrency Scams
Munich, February 20 – Munich police are reporting a significant increase in cybertrading fraud cases, with victims losing a substantial amount of money through deceptive cryptocurrency investment schemes. Since the beginning of 2025, the number of reported incidents has surged, leading to losses estimated in the mid-double-digit millions of euros in Munich alone.
Sophisticated Scams Lure Unsuspecting Investors
The perpetrators employ increasingly sophisticated methods to ensnare their victims. According to Andreas Wübert, head of the K72 economic crimes department, criminals often operate from call centers located in Eastern Europe or Asia. They create highly convincing, yet entirely fraudulent, online platforms that mimic legitimate cryptocurrency exchanges, promising unusually high returns on investments.
Maximilian Süß, an investigator, detailed how these criminal networks initiate contact through online advertisements. A particularly insidious tactic involves manipulating well-known TV shows using artificial intelligence (AI) to create fake endorsements from prominent talk show guests who appear to reveal “secret tips” for lucrative investments. Victims are then directed via a link to these fake platforms, which feature realistic login areas, supposed deposit receipts, and even charts illustrating fabricated asset growth. Often, an alleged broker will contact the victim by phone, encouraging further investments. The contact typically ceases once the victim attempts to withdraw their supposed profits.
Recent Arrest Highlights the Problem
The urgency of the situation was underscored by a recent arrest in Nymphenburg last Tuesday. plainclothes officers apprehended a 22-year-old Ukrainian man who was attempting to collect 12,000 euros from an elderly Munich resident, aged over 80. The suspect, who does not have a permanent residence in Germany, is now in custody, while investigations continue to identify the masterminds behind the operation.
In this specific case, the victim had stumbled upon a fake cryptocurrency exchange website in November of last year, which promised extraordinary profits. Initially, the Munich resident transferred 20,000 euros to an account. When these transfers became impossible from mid-December, the fraudsters convinced him to make cash payments to a collector. The senior citizen handed over a total of 60,000 euros in cash before his son became aware of the financial transactions and alerted the police, leading to the collector’s arrest at the next opportunity.
Police Urge Caution and Awareness
Wübert emphasized that the fraud often involves cryptocurrencies such as Bitcoin and Ethereum. The criminals deceive their victims into believing that their money is being invested in digital currencies, generating high returns. However, only the fraudsters benefit from these schemes.
Many banks have become more vigilant, contacting customers about large transfers or even blocking them. In such instances, criminals often resort to demanding cash payments. Wübert issued a general warning against promises of excessively high returns, advising extreme caution if an investment is claimed to double within two weeks.
Protecting Yourself from Cybertrading Fraud
The Munich police advise the public to be extremely skeptical of investment opportunities that promise unusually high or quick returns. Key warning signs include unsolicited investment offers, pressure to invest quickly, and platforms that lack transparency or verifiable credentials. Always verify the legitimacy of investment platforms and brokers through independent sources. Be wary of advertisements featuring AI-generated endorsements from celebrities or public figures.
If you suspect you have been targeted by a cybertrading scam, contact the police immediately. Do not make any further payments or share personal financial information. The K72 economic crimes department is actively investigating these cases and working to bring the perpetrators to justice.
The increase in cybertrading fraud underscores the growing need for digital literacy and caution in the online investment landscape. As criminals continue to exploit new technologies and human trust, public awareness remains the strongest defense against these sophisticated scams.
