Norway Charges Four Men in $80 Million Crypto Fraud Scheme

Norwegian authorities have charged four individuals in connection with a massive cryptocurrency investment scam that allegedly defrauded thousands of investors worldwide. The accused men are alleged to have orchestrated a scheme that gathered approximately 900 million Norwegian kroner (around $80 million) from victims between March 2015 and November 2018.

The National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) announced on February 16 that the suspects laundered a significant portion of the stolen funds—about 700 million Norwegian kroner ($62 million)—through the accounts of a local law firm, as well as through a series of company accounts based in Asia. According to Økokrim, the defendants used intricate financial structures and client accounts both in Norway and internationally, complicating the investigation into the money’s whereabouts.

"This is a large and extensive fraud," said Økokrim prosecutor Joakim Ziesler Berge. "We are talking about a large number of victims across many countries who have lost substantial amounts of money, which ended up in the hands of the defendants."

The fraudsters allegedly enticed investors by promoting an investment scheme that appeared highly profitable, claiming the funds would be used in lucrative ventures such as gas exploration, mining operations, and real estate. Presentations at major events around the world promised investors a share in these ventures through packages that included the company’s cryptocurrency and shares.

However, Økokrim asserts that the scam was based entirely on deception, with little to no actual investments being made beyond collecting new deposits. Early investors were encouraged to recruit additional participants, creating a classic Ponzi-like structure where the returns for existing investors were funded by the contributions of new ones.

The accused, all Norwegian men in their 50s, 60s, and 70s, are facing charges related to their involvement in both the fraudulent activity and the laundering of the stolen funds. Three of the men are charged with helping collect the money, while the fourth individual faces charges related to facilitating money laundering.

The case is expected to unfold in Oslo District Court in September 2025, with proceedings scheduled to last approximately 60 days. Legal representatives for the defendants have strongly denied the accusations. Christian Flemmen Johansen, representing one of the accused, stated that his client refutes both the fraud allegations and his involvement in the scheme. Similarly, lawyer Ole Petter Drevland, defending another of the suspects, argued that his client denies any criminal responsibility in the case.

As the trial date approaches, the investigation continues to uncover more details about the scale and intricacy of the alleged scam, with authorities working to trace the full extent of the illicit financial flows.