He introduced himself as a “commercial deal-investment consultant” and convinced his victims to participate in a supposedly profitable investment scheme – The financial loss amounts to 7,778,710.26 euros and 9,131,099.41 US dollars,
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 loss amounting to 7,778,710.26 euros and 9,131,099.41 US dollars.
A case was filed against him for fraud and subsequent embezzlement, as well as for money laundering.
According to ELAS, the accused approached, mainly, representatives of the business and shipping sector and falsely introduced himself as a “commercial agreement-investment consultant” with specialized knowledge, innovative methods and experience in the global oil market, based on his capacity in the past as an executive of large companies in the domestic and international market.
The 54-year-old convinced them to participate in a supposedly efficient investment scheme, with guaranteed capital with the purchase of oil products, in their name, while offering the possibility of a guaranteed withdrawal at any time by liquidating the entire capital or physically receiving a product of equal value.
The defendant then proceeded to buy and sell crude oil and buy premiums (OPTION) to secure the invested capital, at the customer’s expense, so that the buyer would make an annual profit with a yield of 7.6% to 13%, in the form of a monthly rent (predetermined yield).
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 began in 2018, was revealed when he refused to investor clients the return of either the initial capital or oil cargoes and after he had been preceded by misleading letters with false allegations about difficulties in the international market.
At the same time, ELAS is also investigating the possible involvement of his accomplices.
RES-EMP
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