Brussels — Thousands of Belgian investors have fallen prey to fraudulent investment platforms over the past six years, collectively losing €99 million, according to an investigation by De Tijd published on Wednesday.
The figure represents only officially reported cases, with the actual losses likely to be significantly higher. The investigation, conducted in collaboration with foreign media, uncovered a sophisticated criminal operation based in Tbilisi, the capital of Georgia.
Approximately 85 individuals were found to be actively involved in running a fraudulent call centre that has scammed thousands of investors across numerous countries.
The scheme lures victims by initially convincing them to invest a small sum on a seemingly legitimate online platform.
As investors observe substantial, albeit fake, profits in their online portfolios, they are enticed to transfer larger amounts, often under the guise of purchasing cryptocurrencies.
Unbeknownst to them, these funds are siphoned directly into the scammers’ pockets, leaving victims empty-handed.
The deception does not end there. In a cruel twist, the fraudsters pose as representatives of official agencies offering to help recover the lost funds—at a cost.
Victims, desperate to reclaim their investments, are thus swindled a second time, often losing even larger sums in the process.
The Financial Services and Markets Authority (FSMA) reported a dramatic rise in the number of complaints related to such scams, from 149 in 2019 to 1,281 last year—an almost tenfold increase.
“Scams involving fake investment platforms are now the main fraud issue we face,” stated Chloé Vanheuverswyn, coordinator at the FSMA. Authorities have highlighted that these schemes exploit a combination of digital sophistication and psychological manipulation.
Many victims are approached through cold calls or social media ads, where they are directed to professional-looking websites. These platforms display fake charts and balances, convincing investors of their supposed gains.
Belgium’s financial watchdogs are urging potential investors to exercise extreme caution, advising them to verify the legitimacy of investment platforms with the FSMA’s blacklist, which is regularly updated with known fraudulent entities.
Additionally, the FSMA has called for greater international cooperation to tackle the growing cross-border nature of such financial crimes.
The uncovering of the Tbilisi-based call centre has sparked calls for a coordinated response among European authorities to dismantle similar networks operating across borders.
The investigation also raises concerns about the effectiveness of current financial regulations and the need for stronger preventive measures to protect investors.
As the scale of the fraud continues to grow, Belgian authorities are encouraging victims to report incidents to both the FSMA and local law enforcement.
Meanwhile, financial experts are advising investors to remain vigilant, emphasizing that offers promising high returns with minimal risk are often red flags for scams.
The revelation has left thousands of Belgian investors reeling, with many demanding swifter action and greater transparency from both financial regulators and law enforcement agencies.
