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Armenia: Internet Ring Defrauds Investors for $2 Million

A transnational internet crime ring, created by Armenian and foreign citizens, swindled 1,400 European citizens out of US$2 million in a fake investment scheme, this according to Armenia’s Investigative Committee (IC).

The IC reports that at least 144 members, including minors, were involved in the criminal group that operated between March 2022 and December 2023.

The IC says it’s launched criminal proceedings against one of the group’s leaders.

While the IC doesn’t specify the group’s headquarters, given that the amount swindled was denoted in Armenian currency (AMD 810.077 million) it’s assumed the cash was deposited in Armenian bank accounts.

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