Norway charges four men in $80M crypto investment scam

Norwegian authorities have charged four men in connection with an alleged $80 million cryptocurrency investment fraud.  

Økokrim, Norway’s National Authority for Investigation and Prosecution of Economic and Environmental Crime, announced the charges on February 16, stating the scheme collected 900 million Norwegian kroner (approximately $80 million) from investors worldwide.  

Prosecutor Joakim Ziesler Berge described the case as a "large and extensive fraud," adding that victims from multiple countries suffered significant losses.  

According to authorities, investors were led to believe they were funding a profitable venture with holdings in gas, mining, and real estate.  

The accused reportedly attracted participants through presentations promoting investment packages containing the company’s cryptocurrencies and shares.  

Økokrim alleges the scheme made "no significant investments" beyond collecting deposits, relying on recruitment of new investors to sustain the operation.  

Investigators also claim that over 700 million Norwegian kroner ($62 million) was laundered through the accounts of a local law firm and several companies in Asia.  

Økokrim noted that the use of client accounts and corporate structures complicated efforts to trace the funds.  

The Norwegian Broadcasting Corporation (NRK) reported that the four men, aged between their 50s and 70s, operated the scheme from March 2015 to November 2018.  

They are set to face trial in the Oslo District Court in September, with proceedings expected to last 60 days.