Law enforcement authorities in Europe have arrested five suspects in connection with an "elaborate" online investment fraud scheme that stole more than €100 million ($118 million) from over 100 victims in France, Germany, Italy, and Spain.

According to Eurojust , the coordinated action saw searches in five places across Spain and Portugal, as well as in Italy, Romania and Bulgaria. Bank accounts and other financial assets associated with the cybercrime ring were frozen.

The main perpetrator behind the operation has been accused of large-scale fraud and money laundering by running an online investment platform for several years, tricking unsuspecting individuals into parting with their funds by promising them high returns on investments in various cryptocurrencies.

Once the deposits we

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