Investment fraud as a business: 700 employees, 100 million a month, and why it continues
Date: 16 July 2026 | Week: 29 | Reading time: 9 minutesAuthor: Simcha Schrijver 
Investment fraud as a business is often bigger than one cunning individual; but the reality is industrial. Behind many cases is an organization set up like a business, complete with offices, staff, targets and customer contact. The difference with a real business is that the product doesn’t exist.
In short
Large-scale investment fraud is no longer the work of a single scammer, but a business-like operation with call centers, scripts and a professional-looking fake platform. In 2026 an international organization was largely dismantled that, with around 700 employees, is estimated to have made off with 100 million euros a month. This blog explains how that machine works, why victims fall for it, and what blockchain investigation can mean.
- Large-scale investment fraud is an organized business model with call centers, sales scripts and a fake platform that simulates profit.
- A dashboard showing profit proves nothing, because the figures are entirely determined by the fraudsters.
- Paucitas interprets the patterns and can map the crypto money flows; we are not a news outlet and do not name suspects.
In July 2026, police reported that an international criminal organization had largely been dismantled. That organization had been active since 2021, worked with around 700 employees spread across some twenty call centers in multiple countries, and is estimated to have made off with around 100 million euros a month. In the Netherlands almost 550 reports came in, with damages of nearly 25 million euros; worldwide it involved tens of thousands of victims. This blog uses that case as an example to show how the model works, without going into who was behind it.
Anyone who sees investment fraud as one scammer misunderstands the threat; it is a factory that produces trust and drains wealth.
How does investment fraud work as a business?
Large-scale investment fraud works as a business because it is built up of departments, roles and processes that follow one another. There are employees who make first contact, employees who build trust, and employees who focus on bringing in ever larger amounts. In the dismantled case it involved around 700 people in some twenty call centers, managed with targets and sales scripts. This structure closely resembles what is known in the field as a boiler room: a sales factory in which pressure and persuasion are central.
How does contact with a victim proceed?
Contact usually starts softly, with an employee who poses as a financial advisor and comes across as friendly and knowledgeable. Often a low initial deposit is requested first, for example a few hundred euros, after which fake profit immediately becomes visible on a professional-looking platform. That early profit feels real and tempts people to deposit more. This build-up of trust over a longer period, followed by draining the account, is known as pig butchering, about which you can read more in our blog on how pig butchering works.
Why does a dashboard showing profit prove absolutely nothing?
A dashboard showing profit proves nothing, because the fraudsters themselves determine which figures appear on it. The platform is not an exchange and not a broker; it is a screen programmed to inspire trust. With real investing, your money sits in a regulated place and you can withdraw it; with a fake platform, the balance exists only as a display. The ability to track everything online gives a false sense of control, while in reality nothing is being invested. How to recognise such a platform is explained in our blog on recognising a fake crypto platform.
Why does it turn out to be impossible to withdraw money?
Withdrawing does not work because the money was never invested and the organization blocks every payout with new conditions. As soon as a victim wants to withdraw, excuses follow: taxes supposedly still need to be paid, extra costs are outstanding, or a deposit is needed to release the profit. Every new demand is meant to extract one more final payment. This pattern is a clear hallmark of fraud, because with a real investment you can simply ask for your own deposit back.
What role does crypto play in this model?
Crypto plays a central role because it gives fraudsters a fast, cross-border way to receive and move money. Victims are often encouraged to deposit via cryptocurrency, after which the assets are moved across multiple wallets. Precisely because those transactions remain permanently on the blockchain, investigation can map the route afterwards. In investigating crypto fraud, Paucitas manually follows those flows and records where the assets ended up, which can support a police report or a civil step.
How big is the problem really?
The problem is many times bigger than the reported figures suggest, because most victims never come forward. The AFM estimates the actual annual damage from investment fraud in the Netherlands at hundreds of millions of euros, possibly up to around 750 million euros a year. An estimated up to ninety percent of victims do not report it, often out of shame. That means a dismantled organization, however large, is only part of the total problem. Shame not only keeps victims silent, it also keeps the model alive.
Why does it keep happening anyway?
It keeps happening because the model is scalable, relocatable and profitable, even when one organization is dismantled. Call centers can move to another country, scripts get reused, and new platforms are set up just as easily. As long as tens of millions can be earned per month and the risk of getting caught remains limited, the incentive stays in place. In the dismantled case, police used a warning site, Operation Sunflower, on which pseudonyms were shown to reach and inform victims. Awareness is therefore just as important as detection.
What does this mean for you?
For you this mainly means that a professional appearance and visible profit are no guarantee at all, and that healthy suspicion is your best protection. Be alert to unsolicited contact from a so-called advisor, to profit that seems too good, and to any withdrawal threshold that requires you to pay more first. If you did fall for it, that is not foolishness but the result of a professionally set-up machine. You can read more about the characteristics in our explanation of investment fraud and in the blog on boiler room fraud with crypto. Paucitas is a Dutch firm for blockchain investigation and crypto fraud investigation in Amsterdam and can factually map the money flows, without promising that assets will be recovered.
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Frequently asked questions
Investment fraud as a business: how do I recognise it?
You recognise business-like investment fraud by unsolicited contact from a so-called advisor, a professional-looking platform with quick profit, and withdrawals that keep getting blocked. The profit on the dashboard is programmed and says nothing about real returns. Any demand to pay extra before you can withdraw is a red flag.
Does visible profit on a platform prove my investment is real?
No, visible profit proves nothing, because with a fake platform the fraudsters themselves determine which figures appear. The balance exists only as a display on the screen. Only with a regulated party does your money sit in a real, withdrawable place.
Can Paucitas recover my deposited money after investment fraud?
No, Paucitas never promises that deposited or stolen assets will be recovered. We factually map the crypto money flows and record where the assets went. That substantiation can support a police report or a civil step.
Why do they keep asking for extra payments before I can withdraw?
Those extra payments are a tactic to extract one more final amount, because the money was never invested. Excuses about taxes, costs or deposits only serve to make you pay again. With a real investment you can simply ask for your deposit back.
Frequently asked questions for Paucitas about investment fraud and crypto platforms
Why does the first profit on such platforms feel so real?
The first profit feels real because it is deliberately shown to build trust and tempt you to deposit more. It is a programmed display, not the result of real investing.
Is an advisor who calls me unsolicited reliable?
Unsolicited contact from an advisor offering an investment opportunity is a classic hallmark of fraud. Reliable parties rarely approach you cold with promises of quick profit.
What is the difference between a boiler room and pig butchering?
A boiler room revolves around hard selling under pressure from a call center, while pig butchering revolves around slowly building trust before striking. In large operations both techniques often occur together.
Can crypto I deposited still be traced?
Yes, crypto you deposited can often still be traced because transactions remain permanently on the blockchain. We reconstruct the route, even if the assets were moved across multiple wallets.
Why do so few victims come forward?
Many victims don’t come forward out of shame or because they think it won’t help anyway. As a result, the real damage figures are much higher than the reports suggest.
How can an organization with hundreds of employees stay unnoticed?
Such an organization spreads across multiple countries and call centers and presents itself outwardly as an ordinary business. That international spread makes detection complex and time-consuming.
Does a dismantled gang mean the problem is over?
No, dismantling one organization does not solve the wider problem, because the model is easily relocated. New call centers and platforms quickly take its place.
What can I do if I think I’m a victim?
Stop paying, keep all communication and transactions, and consider filing a police report. A factual reconstruction of the money flows can make your case more concrete.
Does Paucitas give investment advice or judge my investment?
No, Paucitas gives no investment advice and does not judge investments. We focus on factually mapping money flows and fraud patterns.
Why isn’t a professional-looking website proof of reliability?
A polished website is easy to copy and says nothing about whether real investing is happening. Fraudsters deliberately invest in a professional appearance.
Can Paucitas assess whether a platform is fake?
Yes, we can map factual characteristics that point to a fake platform, such as the money flows and the structure around it. We base that judgment on investigation, not on the platform’s promises.
How much annual damage does investment fraud cause in the Netherlands?
The AFM estimates the real annual damage at hundreds of millions of euros, possibly up to around 750 million. The official reported figures are much lower because most victims don’t come forward.
Why do fraudsters use crypto specifically?
Crypto makes receiving and moving money fast and cross-border, which suits an international operation. At the same time it leaves permanent traces that investigation can use.
Is it my own fault if I fall for it?
No, becoming a victim is not foolish but the result of a professionally set-up machine that plays on trust. The shame that results actually keeps the model going.
What can investigating money flows contribute to my case?
Investigation makes visible where the deposited assets went and links that to concrete transactions. That traceable substantiation can strengthen a police report or civil proceeding, without guaranteeing the money will be recovered.