Cybercrime Southeast Europe Newsletter No. 78
New Crypto Scam in Podgorica: Businessman Loses €320,000
In recent months, the Balkans have seen a rise in sophisticated crypto scams. One of the latest cases occurred in Podgorica, where a businessman was defrauded of €320,000 in an alleged cryptocurrency investment scheme.
According to the complaint, the victim was approached by a six-member group promising quick profits through investments in Bitcoin and Ethereum, claiming the involvement of Ukrainian experts and oversight from a powerful “godfather” figure from Bar. To convince him, the group showed photos of bags of money and promised that the investment would double in a short period.
The victim initially doubted the offers, but the group applied continuous pressure, arranging meetings in their apartments, lunches, and dinners, insisting that everything was completely safe and personally guaranteed by the group members. Under various pretexts, the businessman handed over three installments totaling €320,000, believing he would receive the promised profit.
Payment deadlines were repeatedly delayed, with excuses including “delivery problems,” “theft of funds sent on his behalf,” and alleged issues with partners from Dubrovnik. While group members initially supported the story, they later distanced themselves, claiming they “believe the godfather and others will return the money,” while the victim tried to secure property guarantees, which never materialized.
Podgorica’s Basic State Prosecutor’s Office and police are now investigating the case on suspicion of criminal association and fraud, and the victim has evidence in the form of messages, recorded conversations, and multiple direct and indirect witnesses who can confirm the transfer of funds.
This case serves as yet another warning about the dangers of investing in unverified crypto platforms and unknown investment schemes in the Balkans. We advise everyone:
- Do not invest money in platforms without prior verification from official regulators or financial institutions;
- Carefully verify the identity of any person or company contacting you;
- Never share passwords, private keys, or verification codes;
- Activate two-factor authentication (2FA) on all crypto and financial accounts;
- Check suspicious offers directly with authorities, without clicking on links from messages.
Caution, verification, and careful action remain crucial to protecting your finances.
Your DefendMe Team