International law agencies investigate Bulgarian-based crypto fraud

Law enforcement agencies from Bulgaria, Cyprus, Germany and Serbia have teamed up for an operation against investment fraud.

With the support of Europol and Eurojust, the team are concentrating their investigations on the Bulgarian branch of crypto investment company Nexo.

According to the spokesperson for the chief prosecutor in Bulgaria, Siyka Mileva, the business is suspected of being used by organised criminals for money laundering and tax offences.

The investigation was launched several months ago after foreign services detected suspicious transactions that they say were intended to circumvent international sanctions against Russian banks, companies and citizens.

Among Nexo's clients is an individual indicted for having financed terrorist acts in the past.

A spokesman for the company said Nexo was cooperating fully with Bulgarian authorities.