A massive collaborative investigation spanning multiple countries has uncovered a sprawling international scam network that defrauded tens of thousands of victims out of hundreds of millions of dollars. The probe, based on an unprecedented 1.9-terabyte data leak, reveals how organized call center operations in Israel, Eastern Europe, and Georgia systematically robbed people across the globe.
The Scale of the Deception
The investigation identified two separate but remarkably similar criminal operations. One group, operating from at least three offices in Tbilisi, Georgia, employed roughly 85 people and collected $35.3 million from over 6,000 victims between May 2022 and February 2025. A much larger enterprise, with offices spread across Israel, Bulgaria, Ukraine, Spain, and Cyprus, employed at least 480 people and extracted more than $247 million from nearly 27,000 individuals across 30 countries.
Together, these operations convinced at least 32,000 people to hand over at least $275 million, though experts warn the true scale is likely far larger.
How the Scams Work
The call centers presented themselves as sophisticated investment brokers, offering platforms for trading cryptocurrency, stocks, and other trendy financial products. They employed highly organized methods: agents used false identities and forged documents, created professional-looking websites, and ran deceptive advertising campaigns.
Internal recordings—including over 20,000 hours of phone calls—reveal agents using high-tech buzzwords to lure victims, promising life-changing profits through artificial intelligence and quantum computing. Once victims invested, the scammers invented endless excuses to prevent withdrawals, then pressured them into sending more money.
The Evidence of Fraud
Reporters contacted 182 people listed in the data as having invested money. More than 90 percent confirmed they had been scammed, with total verified losses exceeding $21 million. The internal communications showed agents openly referring to themselves as scammers and mocking their victims in chat conversations.
The vast majority of the 86 branded investment platforms used by these operations carried official warnings from financial regulators. Most claimed to be based in Switzerland, though the call centers had no employees there.
The Hidden Beneficiaries
Despite extensive investigation, the true masterminds remain largely unknown. In the Georgian operation, a 36-year-old woman named Meri Shotadze appears as the nominal owner, but internal communications suggest the real leader is 33-year-old Akaki Kevkhishvili. Neither responded to requests for comment.
The larger Israeli-European operation’s founders and main beneficiaries remain unidentified. The operation rented space in a prestigious Tel Aviv skyscraper until April 2024, and while investigators identified many mid-level managers, those ultimately profiting remain hidden behind layers of shell companies and proxies.
The Money Trail
The scammers developed creative methods to bypass banking safeguards. Victims were often directed to use cryptocurrencies or open accounts at less regulated digital banks. Some were coached to lie to banking staff, claiming they were paying for theater tickets.
The money moved through a dizzying network of companies registered in Spain, Britain, the United Arab Emirates, Hungary, Cyprus, and North Macedonia, making it nearly impossible to trace its final destination.
An Industry That Won’t Die
These modern scams evolved from legitimate retail forex trading that emerged in Cyprus and Israel in the mid-2000s. Israel banned binary options trading in 2017, but rather than ending the industry, it pushed scammers to relocate operations to Eastern Europe, where they continue to thrive.
Experts estimate online scams generate about $500 billion annually, rivaling the illegal drug trade. The industry’s ability to cross borders effortlessly—switching servers, moving money through international transactions, and targeting victims worldwide—has made it nearly impossible for law enforcement to stop.
Warning Signs to Protect Yourself
The investigation offers clear guidance for avoiding these traps. Be suspicious of online advertisements promoting advanced investment products with buzzwords like quantum computing or artificial intelligence. Verify any celebrity endorsements cited in fake news articles. If a caller pressures you to act quickly or offers time-sensitive exclusive deals, end contact immediately.
Warning signs include agents steering you away from traditional banks, coaching you on how to justify transactions, or pushing you toward cryptocurrency. Once invested, scammers will invent reasons you can’t withdraw your money and demand additional deposits.
Perhaps most insidious: some victims receive calls from people posing as government officials offering to help recover their money, using fear tactics to keep them engaged. Real government representatives never demand payment over the phone.
The investigation’s anonymous source, who leaked the internal data, expressed hope that exposing these operations would spur authorities into action. “Fraudsters can operate almost openly, without anyone stopping them,” the source wrote. “This problem is not impossible to solve. We all just need to care enough to do something about it.”