In a statement on Feb. 16, Norway’s National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) claimed the scheme amassed over 900 million Norwegian kroner ($80 million) from victims worldwide.
“This is a vast and complex fraud,” said Økokrim state prosecutor Joakim Ziesler Berge. “We are dealing with a large number of victims across multiple countries who have lost their money, while substantial sums have ended up with the defendants.”
According to Økokrim, the perpetrators misled investors into believing they were purchasing stakes in a highly lucrative enterprise with investments spanning gas, mining operations, and real estate.
The alleged fraudsters lured victims through presentations at major international events, offering investment packages that included the company’s proprietary cryptocurrencies and shares. However, Økokrim asserts that beyond the investors’ deposits, the scheme made “no significant investments” and generated no earnings. Instead, existing investors were encouraged to recruit new participants—often friends and acquaintances.
Authorities also allege that over 700 million Norwegian kroner ($62 million) was funneled through the accounts of a local law firm and various companies in Asia as part of a large-scale money laundering operation.
“The use of client accounts and corporate structures both in Norway and internationally has significantly complicated efforts to trace the funds,” Økokrim stated.
According to the Norwegian Broadcasting Corporation (NRK), the four accused men—Norwegian nationals in their 50s, 60s, and 70s—ran the scheme between March 2015 and November 2018.
Three of them face charges related to raising funds, while the fourth is accused of assisting in money laundering.
Christian Flemmen Johansen of Flemmen & Co Law Firm, representing one of the defendants, stated that his client denies all allegations and any involvement in the scheme. Similarly, lawyer Ole Petter Drevland, representing another accused individual, said his client rejects any criminal liability. Details regarding legal representation for the other two defendants were not immediately available.
The case is set to be heard in Oslo District Court in September and is expected to last over 60 days.
