Nine suspects, including two Greek military servicemen, faced questioning before an investigating magistrate in northern Greece on Monday in connection with an alleged cryptocurrency pyramid scheme that authorities say netted approximately $8 million from roughly 10,000 investors.
According to police sources, the scheme operated through a controlled cryptocurrency platform and used a civic organization as its recruiting vehicle. The Association of Artificial Intelligence Friends in Katerini served as the front for the operation, prosecutors allege.
Structure and Recruitment
The scheme followed a tiered investment model. Standard investors were encouraged to contribute €800, while those marketed as VIP investors were asked for €5,000. Both tiers were promised their money would double.
In Katerini alone, investigators estimate the organization recruited 1,842 members and collected approximately €2 million. Police have arrested a total of 17 people in connection with the alleged scheme.
Suspects and Investigation
The two military suspects come from the regions of Pieria and Larissa. Investigators believe the serviceman from Larissa acquired knowledge of the pyramid scheme method from a contact met while traveling overseas.
A 44-year-old who led the civic association was remanded in custody after a magistrate and prosecutor rejected his account. Six others from the initial group of seven arrested were released under restrictive conditions with bail set between €15,000 and €20,000.
The investigation began in July following two anonymous complaints filed through gov.gr, Greece's government digital services portal, to the Katerini Sub-Directorate for Crime Investigation.
None of the allegations has been tested in court, and all figures cited come from police sources rather than formal charging documents.
