$87 Million Crypto Scam Exposed, Norway Charges Four Suspects – BitRss

Norwegian authorities have prosecuted four men in connection with a large-scale investment scam that allegedly defrauded investors of NOK 963 million ($86.5 million) between March 2015 and November 2018.

According to Økokrim, Norway’s economic crime agency, the operation worked by encouraging people to buy “product packages” containing digital assets. However, the only money flowing in came from new investors, making it a classic Ponzi scheme.

Prosecutors claim more than NOK 700 million ($62.7 million) was laundered through a Norwegian investment firm before being transferred to accounts in several Asian countries.