site.btaInvestment Platform which Defrauded Bulgarians Found to Be Registered in UK, Operated by Russians or Ukrainians - Prosecutor

The investment platform in which victims from Plovdiv and Pazardzhik invested over EUR 415,000 is registered in the United Kingdom, but the individuals running it are believed to be of Ukrainian or Russian origin, Plovdiv Deputy District Prosecutor Plamen Pantov told reporters here Friday. The man arrested in connection with the fraud remains in pre-trial detention. 

He has been charged with large-scale fraud as part of an ongoing criminal scheme, punishable by one to eight years in prison. Authorities are continuing to gather evidence regarding the involvement of other individuals, additional victims, and the movement of funds, Pantov added. There is no evidence that the suspect has IT expertise. Since 2013, he has had no employment in Bulgaria, but investigators found that he previously worked in Germany as a truck driver. He has no prior criminal record. Using proceeds from the scheme, he purchased a luxury car and real estate in Plovdiv. 

The scheme, operated in Bulgaria by the 47-year-old man, was active between July 20, 2022, and December 25, 2024. Investigators have documented 10 cases in Plovdiv, the nearby villages of Tsalapitsa, Branipole, Malo Konare, the town of Stamboliyski, and Pazardzhik, in which he allegedly defrauded private individuals of more than EUR 415,000. He targeted small groups of people, promoting his activities to attendees he selectively invited, often from ethnic minority groups who had worked abroad. One of the victims, a 30-year-old man, allegedly invested USD 280,000, with the suspect claiming the money came from gambling. 

The arrested man acted as an intermediary for an investment platform offering automated cryptocurrency trading. He persuaded investors that their money would be automatically converted into cryptocurrency, generating returns of around 15–20% per month. Each investor was given an “investment profile” showing the movement of funds and purported profits on the platform. While these balances appeared in user accounts and reflected fictitious gains, the amounts had no real value outside the platform and could only be controlled by the scheme’s operators.