Norwegian authorities have indicted four men for allegedly defrauding thousands of investors through a crypto investment scheme and laundering the proceeds via a law firm’s accounts.
According to a 16 February statement from Økokrim, Norway’s economic crime agency, the scheme amassed over 900 million Norwegian kroner ($80 million) from victims worldwide.
Økokrim state prosecutor Joakim Ziesler Berge said:
“We believe this is a large and extensive fraud. We are talking about a large number of victims in many countries who have lost their money and significant sums that have ended up with the defendants.”
Økokrim alleges that investors were misled into believing they were gaining stakes in a highly profitable enterprise with substantial investments in gas, mining, and real estate.
The accused reportedly promoted the scheme at major events worldwide, offering investment packages tied to the company’s cryptocurrency and shares.
However, authorities claim the business made no meaningful investments or profits, instead relying on existing investors to recruit new participants.
Norwegian officials further allege that over 700 million Norwegian kroner ($62 million) was funnelled through a local law firm and various companies in Asia to launder the proceeds.
Økokrim said:
“The use of client accounts and company structures in Norway and internationally has complicated the work of uncovering what happened to the money.”
According to the Norwegian Broadcasting Corporation (NRK), the four accused men—aged 50s to 70s—operated the scheme between March 2015 and November 2018.
Three face charges for soliciting funds, while the fourth is accused of facilitating money laundering.
Christian Flemmen Johansen, representing one of the defendants, stated that his client denies all allegations and any involvement in the scheme.
Similarly, Ole Petter Drevland, defending another of the accused, asserted that his client rejects criminal liability in the case.
Legal representatives for the remaining two defendants have not been publicly identified.
The trial is scheduled to begin in Oslo District Court in September and is expected to last for approximately 60 days.
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