A well-known Greek businessman has been arrested on suspicion of participating in a sophisticated fraud ring that allegedly swindled more than €1 million from high-net-worth individuals, according to Greek Financial Police.
The businessman, 51, whose name has not been released, was among five suspects detained during coordinated police raids on Nov. 13 in the wider Athens region, the coastal town of Loutraki, and the city of Patras. Authorities say he served as the group’s “second-in-command,” presenting himself as a guarantor in what investigators describe as a highly organized criminal operation.
Alleged High-Yield Investment Scheme
Investigators say the ring targeted affluent individuals by promising unusually high investment returns—up to 20% per month—through supposed opportunities connected to casinos. The suspects allegedly cultivated credibility by staging meetings in luxury hotel suites and displaying stacks of cash, gold coins, gold bars, and diamonds. According to police, even the items shown to victims were often of questionable authenticity.
Among the more than 10 victims identified so far is a reality TV personality who reportedly lost a significant sum.
The scheme’s alleged ringleader, a 53-year-old man, is said to have posed as a senior casino executive, using the setting to reinforce the illusion of legitimacy.
Violence and Intimidation
When victims sought to withdraw their money, the group allegedly stalled payments and, in some cases, resorted to threats and physical violence. Police report at least one staged robbery in which a victim suffered bodily harm. In another instance, members of the group reportedly faked the “arrest” of the businessman acting as deputy leader, with accomplices posing as police officers who then seized a large amount of cash under the pretense of confiscation.
Seized Items and Ongoing Investigation
During the raids, authorities confiscated nearly €39,000 in cash; hundreds of gold-colored coins and diamonds of doubtful authenticity; bundles of counterfeit banknotes totaling more than €725,000; fake checks worth €700,000 in total; numerous watches bearing the “Rolex” label; three luxury vehicles; and several mobile phones.
Photos of the Seized Items
Police say they have so far solved 13 cases linked to the ring, dating back to at least 2023. The group is under investigation for fraud, forgery, money laundering, and involvement in orchestrating robberies.
All five suspects have been referred to a public prosecutor as the investigation continues.
