Reality show contestant among the victims of the businessman behind the “fake” investment schemes

A criminal organization that had been active since at least 2023 and had committed forgery and fraud — both completed and attempted — in collaboration and on a continuous basis, with illegal proceeds exceeding €1,300,000, as well as instigation to robbery and money laundering, was dismantled by the Financial Crimes Division.

The network’s activities were halted on Thursday (13/11) following a large-scale police operation in Loutraki (Corinthia), Patras and Attica. Officers from the Financial Crimes Division arrested the leader of the organization, his second-in-command, and three active members.

A felony case file was formed against the suspects for the aforementioned offenses, with investigators employing specialized investigative procedures.

The leadership and members of the organization searched nationwide for financially robust professionals and approached them under the pretext of an investment opportunity at the Loutraki casino, allegedly offering monthly returns of 10% to 20% on the invested capital.

To achieve their goals, the ringleader posed as a senior executive of the Loutraki Casino. During meetings with victims held in luxury suites at the casino hotel, the suspects displayed large amounts of cash as well as significant quantities of gold sovereigns, gold bars and gemstones (of questionable authenticity), claiming these were profits from the investments. As a result, substantial sums of money were extracted from the victims. To bolster credibility, they often provided forged cheques as supposed proof of returns.

When victims later asked for their money back, the organization offered various excuses, prolonging delays and maintaining the victims’ deception.

The group also employed extreme violence to suppress one victim’s demands, staging a “fake” robbery and inflicting bodily harm.

In another case, they staged a fake arrest of the organization’s second-in-command by individuals posing as police officers, seizing a large sum of money under the pretext of lawful confiscation.

Official Police Announcement

“The Directorate for Combating Organized Crime has dismantled a criminal organization whose members committed forgery and fraud — completed and attempted — in collaboration and on a continuous basis. They are also accused of instigating robbery and laundering proceeds of criminal activity.

To dismantle the organization, the Financial Crimes Division carried out an organized operation on the morning of Thursday, 13 November 2025, in Loutraki, Patras and Attica, resulting in the arrest of five members, including the leader and his deputy. The operation was supported by officers of the Intelligence and Special Operations Sub-Directorate of the Directorate for Combating Organized Crime.

According to the investigation, the suspects had formed and joined the criminal organization at least since 2023, targeting financially sound professionals and presenting a fake investment opportunity in a casino, with supposed monthly returns of 10%–20%.

The leader posed as a high-ranking casino executive, while to convince their victims, the members held meetings in hotel suites where they displayed large amounts of cash, gold sovereigns, gold bars and gemstones. They also provided forged cheques as purported proof of earnings.

When victims asked for their money back, the organization used various pretexts to delay repayment. Notably, the group employed extreme violence, staging a fake robbery and injuring one victim, while in another instance they staged the ‘arrest’ of the deputy leader by impostors posing as police officers, seizing a large sum under the guise of confiscation.

Searches uncovered and seized €38,925 in cash; 113 diamonds of questionable authenticity; 735 gold-coloured sovereigns of questionable authenticity; bundles of counterfeit banknotes totalling a purported €725,450; multiple watches bearing the “ROLEX” label of questionable authenticity; two forged cheques worth €100,000 and €600,000 respectively; three luxury vehicles; and six mobile phones.

So far, 13 cases — completed and attempted — have been solved, with the organization’s illegal proceeds estimated at over €1,300,000. The detainees are being brought before the competent prosecutorial authority.”