“Mammoth” fraud with victims of businessmen and shipowners, KATHIMERINI, kathimerini.com.cy
A 54-year-old man was identified by the Property Rights Protection Department of the Security Directorate as the perpetrator of 71 cases of fraud against natural and legal persons, with their financial life coming to 7.79 million euros and 9.13 million US dollars (total an amount of more than 16 million euros).
A case was filed against him for fraud and subsequent embezzlement, as well as for money laundering.
According to information, the perpetrator – who operated in Athens, Thessaloniki, Rhodes, Crete and Drama – extorted more than three million euros from one of the victims.
How was he acting?
According to EL.AS., the accused approached, mainly, representatives of the professional and shipbuilding sector and falsely introduced himself as a “commercial agreement-investment consultant” with special knowledge, innovative methods and experience in the global oil market, based on his personality in the past . as an executive of large companies in the domestic and international market.
The 54-year-old convinced them to participate in an allegedly efficient investment scheme, with guaranteed capital with the purchase of oil products, in their name, while offering the possibility of a guaranteed withdrawal with liquidation of the entire capital or physical receipt of a product of value.
Then he proceeded to buy and sell crude oil and purchase premiums (OPTION) to secure the invested capital, with the category of the customer, so that the buyers would earn every year with a return of 7.6% to 13%, in the form of monthly . lease (predetermined return).
In fact, in 2013 he established a parent company in Greece and in 2016 a subsidiary in a European country, with the object of “commercial agreements for crude oil and its derivatives”. It is noted that the parent company appeared to act simultaneously in the transactions as an agent of the subsidiary.
During the period when the accused managed as the owner of the specific companies the invested funds of his clients, he advised them to make new payments, not to collect the returns, but to reinvest them, in order to ensure the maximum possible long-term return.
His illegal activity, which started in 2018, was revealed when he refused to investors – clients the return of either the initial capital or oil cargoes and after he had previously sent misleading letters with false reasons about difficulties in the international market.
EL.AS also investigates his possible participation.