Police Charge Two with Fraud in Connection with Operation 'Giezi'

Bratislava, 18 September (TASR) - The police have charged two individuals with an ongoing crime of fraud in connection with operation 'Giezi', which was conducted on Wednesday (16 September), Police Corps Presidium spokesman Roman Hajek has informed TASR, adding that the two allegedly swindled money from more than 500 victims between 2022 and 2026, causing damages amounting to some €31 million. "The charged persons offered investments in stocks, crypto-currencies, real estate, and other projects through a network of interconnected companies, promising high returns on them. An online website was supposed to have displayed the growth of investments to clients. However, according to the investigator's findings, the displayed data didn't reflect the actual situation and were allegedly entered manually," stated Hajek. According to Hajek, the money obtained in this way was used by the charged individuals for their own personal consumption, commissions for intermediaries, and the financing of loss-making projects. "Part of the money was allegedly transferred between affiliated companies and to foreign accounts. Payouts to earlier clients were dependent on the influx of new deposits, a practice that, according to the investigator, bears the hallmarks of a so-called Ponzi scheme," he explained. As part of the operation, the police seized assets worth some €1.5 million, including crypto-currency wallets. More than 100 police officers across five regions participated in the operation. Eleven individuals were detained, and six house searches were conducted, along with searches of seven other premises and plots of land. "The investigation is ongoing. Depending on the results of further proceedings, charges could be pressed against additional people. We'll provide further information as soon as the procedural situation allows," said Hajek. The police announced the operation on Wednesday. It took place across Bratislava, Trnava, Trencin, Zilina and Kosice regions. ko/df