Cybercrime Southeast Europe Newsletter No. 119

Over €159,000 Lost in Investment Fraud in Croatia – Fake Brokerage Firm Promised Profits

Investment fraud does not always begin with a suspicious telephone call or an unusual offer. Sometimes, all it takes is an online advertisement that appears to be an ordinary investment opportunity.

That is exactly how a recently reported case in Croatia began, where a 67-year-old man lost more than €159,000, believing he was investing through a brokerage company.

According to a statement issued by the Brod-Posavina Police Administration on 8 October 2026, the man came across an online advertisement for a fake brokerage firm offering investments in stocks and financial derivatives.

Believing that he would earn a profit, he made multiple payments between May and September 2026. It was only when he was unable to access his money that he realised he had been defrauded.

Police have launched a criminal investigation aimed at identifying those responsible.

How can investment fraud continue for months?

One important aspect of this case is that the victim did not lose his money in a single transaction. Instead, he continued making payments over several months.

This illustrates how dangerous a fraudulent investment scheme can become when it creates the impression that an investment is functioning normally and will generate the expected returns.

When someone believes they are investing through a legitimate brokerage company, each additional payment may appear to be a continuation of an existing investment rather than a new financial risk.

As a result, investment fraud may remain undetected until the investor attempts to access or withdraw their funds.

The problem often becomes clear only when investors try to access their money

In this case, according to the police, the victim realised he had been defrauded when he was unable to access his funds.

This is one of the particularly concerning patterns associated with fraudulent investment platforms.

While an investor continues making payments, communication may create the impression that everything is operating normally. However, when the time comes to withdraw funds, obstacles, delays or a complete loss of access may arise.

For this reason, the value of an investment displayed on a platform or the profits promised by its representatives do not, by themselves, establish that the funds actually exist or are available to the investor.

What have the police established so far?

According to the official statement, a suspected criminal offence of fraud has been reported, and police officers are continuing their investigation to identify the perpetrators.

No information has yet been published regarding the identities of the suspects or any arrests.

The police have also renewed their warning to the public, urging potential investors to verify that a brokerage company is legitimate and properly authorised to provide investment services before transferring any money.

What does this case tell us?

This case demonstrates that investment fraud may not be obvious from the beginning. It can continue for months, during which victims gradually invest increasingly large amounts, believing they are participating in legitimate financial activities.

Particular caution is necessary when investment opportunities are promoted through online advertisements, accompanied by promises of high or guaranteed returns, and investors cannot independently verify the company or its regulatory authorisation.

Making payments over several months does not mean that an investment is genuine. The real question is whether investors actually have control over their funds and the ability to access them.

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