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Contact Us August 18, 2025
European investigators from the ECFIU have exposed a fraudulent investment call center in Mumbai that scammed millions from EU citizens
European Authorities Bust Mumbai "Boiler Room" That Defrauded Investors of Millions
The European Crypto Fraud Intelligence Unit (ECFIU), in a coordinated dawn raid with Indian authorities, has dismantled a sprawling fake investment call center in Mumbai that specifically targeted European retirees. Posing as legitimate wealth managers from Zurich, the operatives used sophisticated scripts to push fraudulent cryptocurrency and commodity investments, swindling victims out of an estimated €15 million in life savings. The operation, which followed a year-long investigation sparked by hundreds of victim reports across Germany, France, and Spain, led to the arrest of over 80 individuals.
The call center, operating out of a high-rise office in the city's business district, was equipped with advanced technology to spoof European phone numbers and create fake online trading platforms that displayed impressive—but entirely fictional—returns. This was designed to lure investors into committing ever-larger sums of money. "This was a highly organized criminal enterprise that operated with chilling professionalism, deliberately destroying the financial security of vulnerable people," stated the lead ECFIU investigator on the case.
This bust highlights the increasingly globalized nature of financial fraud, with criminal networks leveraging overseas bases to target EU citizens. The ECFIU has issued alerts for other such operations and is working with international partners to trace and seize the illicitly gained funds, though officials fear a significant portion of the cryptocurrency has already been laundered through complex digital networks.
Mumbai, India. August 18, 2025.
The call center, operating out of a high-rise office in the city's business district, was equipped with advanced technology to spoof European phone numbers and create fake online trading platforms that displayed impressive—but entirely fictional—returns. This was designed to lure investors into committing ever-larger sums of money. "This was a highly organized criminal enterprise that operated with chilling professionalism, deliberately destroying the financial security of vulnerable people," stated the lead ECFIU investigator on the case.
This bust highlights the increasingly globalized nature of financial fraud, with criminal networks leveraging overseas bases to target EU citizens. The ECFIU has issued alerts for other such operations and is working with international partners to trace and seize the illicitly gained funds, though officials fear a significant portion of the cryptocurrency has already been laundered through complex digital networks.
Mumbai, India. August 18, 2025.
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DISCLAIMER
The European Crypto Fraud Intelligence Unit (ECFIU) focuses exclusively on cyber-enabled fraud, primarily within the realms of cryptocurrency and investment schemes. For reports concerning crimes such as human trafficking, human rights violations, terrorist financing, or other serious offenses with a primary physical component, please contact the relevant national law enforcement or government authorities directly.