A 54-year-old man has been identified by the Property Protection Unit of the Security Directorate as guilty of 71 fraud cases against individuals and entities, resulting in financial losses of 7.79 million euros and 9.13 million US dollars (total more than 16 million euros).

A case was brought against him for fraud and subsequent embezzlement, as well as money laundering.

According to the information, the criminal, who operated in Athens, Thessaloniki, Rhodes, Crete and Drama, extorted more than three million euros from one of the victims.

How did he act?

According to EL.AS., the defendant addressed mainly business and shipping sector representatives and falsely presented himself as a “commercial agreement and investment consultant” with special knowledge, innovative methods and experience in the global oil market, based on his potential in past as CEO of major companies in domestic and international market.

The 54-year-old persuaded them to participate in a supposedly efficient capital guaranteed investment scheme with the purchase of petroleum products in their name, while offering the possibility of a guaranteed withdrawal at any time by liquidating all capital or physically obtaining an equivalent product.

The defendant then proceeded to buy and sell crude oil and buy surcharges (OPTION) to secure the invested capital at the customer’s expense, so that the buyer earns an annual return of between 7.6% and 13% in the form of monthly rent (predetermined income).

In fact, in 2013 he established a parent company in Greece, and in 2016 a subsidiary in a European country with the aim of entering into “commercial agreements for crude oil and its derivatives.” It is noted that the parent company acted simultaneously in transactions as an agent of the subsidiary.

During the period when the accused was managing, as the owner of specific companies, the invested funds of his clients, he advised them to make new payments, not to collect income, but to reinvest them in order to ensure the highest possible long-term return.

His illicit activities, which began in 2018, came to light when he denied investors the return of either initial capital or oil cargo, and after he previously sent misleading emails with false claims about difficulties in the international market.

EL.AS is also investigating the possible involvement of his accomplices.