Athens: Greek authorities have arrested 17 people for allegedly operating a cryptocurrency pyramid scheme that targeted more than 10,000 investors and collected around $9 million (approximately ₹75 crore).
The suspected fraud was allegedly run through an organisation called AT Team Greece, which presented itself as an artificial intelligence-focused association. Investigators said the group used offices, public events and sponsorships to build credibility and attract investors.
Victims were reportedly promised that an AI-powered trading system would double their investment within 50 days using cryptocurrencies such as USDT and USDC. Withdrawals were restricted during the investment period, and authorities said the platform eventually froze all withdrawals on September 1, citing a change in strategy.
Police allege that the operation functioned as a classic pyramid scheme, with money from newer investors being used to reward earlier participants. A portion of the funds was also allegedly moved through offshore digital banks and cryptocurrency wallets.
Searches across multiple locations led to the seizure of more than $330,000 in cash, along with phones, computers, hard drives, USB drives, financial records and bank cards.
The 17 arrested suspects have been referred to an investigating judge as the probe continues.
