Global Financial Fraud Exposed: German-Led Sting Nabs Eighteen

A German-led investigation into online fraud and money laundering has resulted in the arrest of eighteen people. The scheme, involving phishing, fake subscriptions, and collaboration with major payment firms, affected 4.3 million people worldwide and caused over 300 million euros in damages, damaging Germany's financial sector's reputation.

A German-led investigation has uncovered an extensive online fraud and money laundering network, leading to the arrest of eighteen individuals. Authorities revealed that the scheme utilized credit card data stolen from 4.3 million people across 193 countries, causing damages exceeding 300 million euros.

The investigation highlighted the involvement of major German payment service providers, with former employees implicated in creating fake subscriptions on porn and dating platforms. This scandal marks another blow to Germany's financial sector, already reeling from the Wirecard scandal five years ago.

The probe, conducted with international coordination, remained confidential until officials executed searches in multiple countries, including Germany, Italy, and the U.S. Authorities emphasize the evolving nature of financial crime, which is becoming increasingly digital and collaborative.

(With inputs from agencies.)