Larissa police closing in on 'gold coin gang' that defrauded victims

Authorities in Larissa, Greece, are intensifying their operation against a criminal organization accused of a sophisticated scam involving the sale of gold coins. The Directorate for Combating Organized Crime (DAOC) is actively pursuing the group, which allegedly targeted unsuspecting victims with promises of lucrative gold coin deals.

The investigation, which began in early March 2026, has already led to arrests and the dismantling of what police describe as a structured organization operating since at least spring 2021. The group reportedly approached victims, presenting themselves as financially well-off individuals experiencing temporary cash flow problems. They then offered to sell gold coins at prices significantly lower than their actual market value, collecting substantial sums of money without ever delivering the promised currency.

When victims realized they had been defrauded and demanded their money back, the perpetrators allegedly resorted to threats, including threats against their lives and property, and in some instances, displayed weapons. This aggressive tactic was used to intimidate victims and prevent them from reporting the crimes.

During searches of the suspects' homes, authorities discovered items including 52,930 euros in cash, 2,267 questionable gold coins, 14 luxury vehicles (one of which was reported stolen), five firearms, numerous pieces of jewelry, and a quantity of narcotics and anabolic steroids. Electronic devices and surveillance equipment were also seized. So far, six fraud cases have been solved, with the organization's illegal profits estimated to exceed 1,093,000 euros. The operation is ongoing, with police continuing their efforts to apprehend all involved parties.