Cybertrading fraud trial: Suspect charged with stealing 776,000 euros from investors
The Leipzig Regional Court began a trial on Monday, August 4, 2025, against a 35-year-old man known as Eduard V., who is accused of being part of a fraud group that allegedly took in nearly 776,000 euros from customers in the German-speaking region.
The group, which included the Ukrainian accused, is said to have offered online platforms for trading investment and financial products. According to Dr. Stefan Reißig from the General Prosecutor's Office in Dresden, Eduard V. is involved in 55 cases, with 11 victims identified so far, mostly from Germany.
Eduard V. operated from Belgrade under pseudonyms such as "Walter Schulze" as a "retention agent" from November 2019 to April 2021. His role was to care for "customers" from the German-speaking region and ensure their long-term retention. The group never intended to invest the sums of private investors, but kept the money for their own purposes.
The investigations into the fraud case have been ongoing for some time, conducted by the General Prosecutor's Office in Dresden and the Criminal Police Inspectorate in Chemnitz. Simultaneously, 22 objects on Cyprus and in Serbia were searched by local police forces. A European arrest warrant was issued against Eduard V., who was arrested on Cyprus on October 23, 2024.
At the court, Eduard V. appeared in handcuffs, looking well-groomed and serious. He declined to comment on the charges against him on Monday, with his defense team stating he might do so at a later date. Prior to the trial, his lawyers criticized ambiguities in the indictment. They argued that their client was merely a telephone operator and had no deeper insights into the structures involved.
The trial is significant as it highlights the growing issue of investment scams in Germany. The group is believed to have used WhatsApp groups to target investors with unlicensed offers and fake endorsements, primarily in the German-speaking region. However, the available information does not explicitly mention other countries affected by this specific scam in 2025.
The overall damage, including victims worldwide, is estimated to be in the mid-three-digit million range. The General Prosecutor's Office is aware of 140 victims in Germany, with the estimated damage in the Federal Republic alone being 14 million euros. The court has scheduled 15 more trial days until the end of October.
The imprisoned Ukrainian is currently "completely isolated from family and friends in a foreign land," according to lawyer Serkan Erdogan. Despite the challenging circumstances, the trial promises to shed light on the inner workings of this fraud group and potentially deter similar activities in the future.
- The Leipzig Regional Court trial against Eduard V., who is accused of being part of a fraud group involving online platforms for trading investment and financial products, highlights the growing issue of investment scams in the 'general-news' sector, particularly in the German-speaking region.
- While the estimated damage from this specific scam in 2025 only includes victims in Germany, total losses worldwide are estimated to be in the mid-three-digit million range, emphasizing the need for increased 'crime-and-justice' measures to prevent such fraudulent 'financing' and 'investing' activities.
