A large-scale pseudo-investment scheme has been uncovered in Ukraine
Police have uncovered a criminal organization that defrauded nearly a thousand Ukrainians under the guise of providing cryptocurrency investment training. According to the investigation, people lost more than $1.1 million, and among the victims are retirees, people with disabilities, and the seriously ill, who even gave up money set aside for medical treatment or housing.
Law enforcement officials uncovered a large-scale fraud scheme in which the participants posed as representatives of the so-called “Ukrainian Financial Academy.” Under the pretext of providing training on cryptocurrency investments, they lured large sums of money from people. According to the National Police, 988 people may have fallen victim to the scammers. Investigators have already identified that many unique accounts. The total amount of losses, according to preliminary estimates, exceeds $1,110,000.
The organizers of the scheme were exposed by investigators from the Main Investigative Directorate of the National Police, in collaboration with the cyber police. Four key participants were detained, and a court has already remanded them into custody. According to the investigation, the scammers actively advertised their services on Facebook and Instagram. In their ads, they promised to teach people how to make money with cryptocurrency, offer assistance from experienced traders, and guarantee quick profits.
After a person submitted an application, managers would contact them. They would inquire about the client’s financial situation, gain their trust, and convince them to start investing. Then so-called “traders” would join the conversation. They advised victims to transfer money to accounts and crypto wallets under their control, and on a specially created platform, they displayed supposedly successful investments and steadily rising profits.
To fully convince people, they were sometimes even allowed to withdraw a small amount. This created the impression that the system was operating honestly, after which the victims invested even more money. When people tried to get their savings back, access to their accounts was blocked. Afterward, the scammers demanded new payments, claiming they were needed to cover commissions, taxes, or to replenish a so-called reserve fund.
According to police, each member of the criminal organization had a specific role. Some handled advertising and recruiting new clients, while others communicated with the victims and persuaded them to transfer funds. Two co-organizers coordinated the entire scheme, selected participants, and distributed responsibilities and the money received. Investigators also determined that the suspects deliberately targeted people facing difficult life circumstances.
Among the victims are retirees, people with disabilities, and those with serious illnesses. According to law enforcement, one woman battling cancer transferred nearly 500,000 hryvnias—money she had set aside for treatment—to the scammers. Although the organizers were aware of her condition, they continued to demand new transfers. When people lost all their savings, the scammers began persuading them to take out loans or invest their family savings, which had been set aside for the purchase of a home.
They even used the victims themselves to find new targets. One of the victims was asked to record a positive video review of the platform while a fictitious profit was still displayed on the screen. The woman did not know that this video would later be used to deceive others. The suspects’ involvement in the scheme is confirmed by the results of dozens of searches conducted in the Kharkiv and Dnipropetrovsk regions.
The four detainees have already been notified of charges of fraud on an especially large scale committed as part of a criminal organization, as well as of forming and participating in a criminal organization. The penalties under the charged articles provide for up to 12 years of imprisonment with confiscation of property.
Prosecutors from the Cybercrime Department of the Office of the Prosecutor General are overseeing the proceedings in this case. The pre-trial investigation is ongoing, and law enforcement officials are identifying other possible participants in the scheme and all victims. The National Police have urged anyone who may have been harmed by the activities of the so-called “Ukrainian Financial Academy” or who transferred funds at the direction of its representatives to contact law enforcement at +380 99 696 61 57. This was reported by the National Police.
In early May 2026, a conflict broke out in Kyiv between the then-judge of the Shevchenkivskyi District Court and residents of an apartment building over loud Russian music. According to investigators, the man drew a weapon, fired several shots, and endangered the people nearby. The indictment has now been submitted to the court.
