site.btaThree People Arrested over Allegations of Large-Scale Fraud

During a joint operation by the General Directorate National Police and the Regional Prosecutor's Office Sofia, three people were arrested in connection with a particularly large-scale fraud, the two institutions reported at a press conference on Tuesday. The investigation into the case began a month ago following numerous reports of people being defrauded. The criminal activity was concealed behind the legal operations of a company posing as an investment broker.

Dimitar Andonov, Deputy Director of the General Directorate National Police, urged all citizens who believe they have been affected by fraud to file reports.

Chavdar Chikov, head of the Investigation Department at the General Directorate National Police, said that a pre-trial investigation was initiated on August 20, and during the operation, searches and seizures were conducted at addresses and in vehicles. Numerous people were questioned.

Of the three individuals detained, two were charged, and the court subsequently upheld the prosecution service's request for their continued detention. They face a sentence of three to ten years in prison, said Prosecutor Aleksandra Stefanova, spokesperson for the Regional Prosecutor's Office Sofia.

According to investigators, there is evidence that more than 30 people were victimized by the scam. People were lured with the promise of real estate investments. Each of them took out several loans from different banks in a single day, and the money was then transferred for "investment" purposes. The victims were promised that their funds would be returned within six months to a year, and during that period they received partial returns.

The victims were told that the investment was in real estate and real estate development projects, but no such projects have been identified. It is believed that each new investor was incentivized to recruit the next one. To date, the losses amount to approximately EUR 700,000. The scheme has been in operation since 2023.