In a significant operation, Ukraine's National Police have busted a crypto criminal ring that duped victims with promises of lucrative investments. The fraudsters, operating from call centers, targeted citizens of Ukraine, Moldova, Kazakhstan, and the European Union. The police have apprehended 14 suspects, including the alleged masterminds, and seized luxury cars, computer equipment, SIM cards, and cash worth $64,500.

According to reports, two Georgian nationals with a history of criminal involvement are believed to have orchestrated the scheme. They recruited 12 others to join the illegal operation, which involved posing as stock exchange experts and using psychological tactics to convince victims to invest in cryptocurrencies. The fraudsters then siphoned off the funds to their electronic wallets and bank cards.

The police have released a video of the raids and are actively investigating the scope of the fraud and the number of victims involved. The suspects have been jailed and will face further proceedings at the Kyiv Regional Prosecutor's Office. This crackdown comes as the National Bank of Ukraine reaffirms its intention to regulate the crypto sector, which it does not consider "money."

In conclusion, Ukraine's National Police have dealt a significant blow to a crypto fraud ring that preyed on unsuspecting victims. The operation highlights the need for vigilance in the crypto space and the importance of regulatory efforts to prevent such fraudulent schemes.