Manhunt in Austria: Police Targets Crypto Fraud Ring “Cortana World”
The platform “Cortana World” is under investigation for allegedly conducting organized fraud in the field of crypto and forex trading. The Federal Criminal Police Office disclosed in a statement on Tuesday that they have identified 15 victims across Austria, but they believe there may be additional victims yet to be found.
Perpetrators of investment fraud, also known as cyber trading fraud, employ sophisticated tactics to lure potential investors into making payments for supposedly lucrative investments, only to deceive them. The case of “Cortana World” is no different. The two CEOs of the crypto platform are being investigated for suspicion of organized fraud.
The platform offers crypto and forex trading using artificial intelligence (AI). However, investigations have failed to confirm the existence of any functioning AI. Instead, there are strong indications that a pyramid scheme involving predominantly cryptocurrencies may be at play. Numerous victims have handed over their investments in cash to the fraudsters, all without proper documentation on how the funds were subsequently utilized.
Additionally, “Cortana World” enticed customers with the prospect of becoming partners, promising the opportunity to generate passive income. Yet, investigations have revealed that victims have only suffered financial losses. While 15 victims have already been identified nationwide, authorities suspect that more individuals may have been affected by this fraudulent operation.