Latvian police uncover Ukraine money laundering network

Latvia’s State Police have uncovered a money laundering network in Ukraine that handled funds defrauded from Latvian residents, LSM reported. Searches carried out in Kyiv and Dnipro in early August led to the detention of two people.

Police said the victims’ total losses exceeded 200,000 euros.

Between August 3 and 5, an international joint investigation team in the criminal case “VENI, VIDI, VICI” identified members of a network who concealed money obtained through telephone scams using cryptocurrency and complex financial flows.

The operation was the second stage of an investigation by the State Police’s Cybercrime Enforcement Department, conducted in cooperation with the Prosecutor’s Office of the Riga Court District, Eurojust, and law enforcement agencies in Lithuania and Ukraine.

Investigators traced financial flows to people in Ukraine who were allegedly involved in laundering the stolen funds. The victims’ crypto assets were initially transferred to wallets controlled by the suspects, then divided into smaller amounts and moved repeatedly between different crypto wallets to conceal their criminal origin.

The funds were later transferred to third-party bank accounts, converted into cash and distributed among members of the organised crime group.

On February 17, the State Police’s Cybercrime Enforcement Department stopped the activities of an organised crime group operating several fraudulent call centres in Dnipro. Eleven people were detained at that time, and a broader pre-trial investigation was launched.