Wolf of Sofia gang: Million dollar online fraud lawsuit

A suspected accomplice of the cyber criminal “Wolf of Sofia” has to answer in Munich for online investment fraud in the millions. The man is charged with commercial and gang fraud in more than 300 cases, as the Central Cybercrime Bavaria announced in Bamberg. The trial is scheduled to begin on Tuesday (November 23) at the Munich I Regional Court. It is about damage of at least around 8.7 million euros – and at least 335 victims.

The investigators assume that there is a large number of unreported cases and that there are probably significantly more victims. The accused is said to have been a leading head of a fraud gang headed by the man whom the media dubbed “Wolf of Sofia”. This is a man convicted of cybercrime in Austria. The nickname “Wolf of Sofia” refers to the film “Wolf of Wall Street” and the fact that the gang is said to have operated call centers in Sofia, Bulgaria. The group’s criminal scam recently hit the headlines in connection with the revelations surrounding the so-called Pandora Papers – a data leak with information about international shadow financial centers.

The perpetrators pretend to potential customers that they are making digital platforms available for trading in different currencies, for example. The investor then opens a trading account on the provider’s website for 250 to 300 euros. He is then gradually convinced by alleged experts to invest more and more money – in bogus companies or with financial agents.

The money is distributed via a complex money laundering network installed across Europe. The groups of perpetrators operate call centers abroad, each of which has several hundred people with the necessary foreign language skills.

The now accused man is said to have played an essential role as “Vice President Sales” – as Vice-Head of Sales – within the management of the criminal structures. According to the investigators, he was involved in the organization and management of the call center. He was reportedly arrested at Athens airport and extradited from Greece to Germany in November 2020. He has been in custody here ever since.

According to the Bamberg Public Prosecutor’s Office, two accomplices had already been sentenced to prison terms of two years and nine months and four years and six months by the Würzburg district court in June.

According to the court, a total of eight trial days are scheduled for the trial at the Munich I Regional Court. The verdict could therefore be announced on January 12th.


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