Investment scammers: fake platforms, cryptocurrencies and “consultants”

Investment fraud is the most expensive scheme per person. In the police daily incident reports the sums in such cases are rarely below 10 000 €, and often reach tens of thousands. And the story almost always starts the same way: with an online ad about “investment services”.

This article covers how fake investment platforms work, real cases, how to check whether a company has the right to provide services in Lithuania, and what to do if you fall victim.

How the scheme works

1. The bait. An advert on a social network, an article with a photo of a well-known person or an ad about “passive income”. You leave your phone number or email.
2. The “consultant”. A personal manager calls – often polite, patient, speaking with an accent. They suggest starting with a small sum.
3. Fake profit. On the platform you see growing numbers. Sometimes you are even allowed to withdraw a small sum – so that you believe.
4. Escalation. You are persuaded to invest more, to borrow, to sell property.
5. Lock-in. When you want to withdraw the money, “taxes”, “commissions” or “insurance” appear. Once paid – new ones. Eventually the contact breaks off.

Real cases from the police reports

• Alytus, September 2026. A woman filled in an online ad about investment services. She was swindled out of 35 674 €.
• Kaunas, September 2026. A man born in 1959 lost 47 730 € after the same kind of ad.
• Kaunas, September 2026. A man born in 1960 used an invitation link, joined a platform and lost 80 406 €.
• Vilnius district, September 2026. A person who contacted a man after an online ad persuaded him to invest in an online platform – 10 200 €.

Several months often pass between filling in the ad and reporting to the police. All that time the person believes they are earning.

How to check before investing

Warning signs

• High, fast or guaranteed profit is promised.
• You are asked to transfer money to a private individual's account, a foreign bank or a cryptocurrency wallet.
• You are asked to install remote control software “to help you make the transfer”.
• You are rushed: “the rate is rising today”.
• To get your money back you have to pay something more.
• Well-known people are used in the advertising – these are forged articles and videos.

The second scam: “we will recover your money”

Victims are often called by “lawyers” or “investigators” offering to recover lost investments for an upfront fee. These are the same or other scammers. Only the bank and law enforcement deal with recovering money – free of charge.

LB states that it is worth reporting investment fraud to it as well – it can block websites offering unlawful investment services.

Frequently asked questions