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{"actor":"system:backfill","investigation_id":"bc44f80b-9b90-43b6-84b7-0ba9eaac5536","kind":"publish","page_slug":"turin-fake-bank-ponzi-scheme-gold-crypto","published_at":"2026-10-04T20:13:18.330Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Turin fake-bank Ponzi scheme (gold & crypto)","sections":[{"content":"According to Italian financial police (Guardia di Finanza), an organized group allegedly operated between Turin, London, and Spain, presenting itself as a bank incorporated under London law with branches in Turin and Spain. The group allegedly used a network of self-styled financial advisers to persuade hundreds of savers across Italy to entrust them with investments in gold and cryptocurrencies, promising apparently very high returns. Investigators state the entity lacked any authorization to operate as a financial institution or provide investment services. More than 6 million euros was allegedly collected from victims between 2021 and 2023. According to prosecutors' reconstruction of events, gold and cryptocurrency served only as a commercial hook to attract victims, and the promised investments were never actually executed.","heading":"The alleged scheme","severity":"critical","sources":[{"credibility":1,"name":"Turin: fraudulent investments in gold and cryptocurrencies - Il Sole 24 Ore","type":"news_article","url":"https://en.ilsole24ore.com/art/turin-investment-scam-involving-gold-and-cryptocurrencies-assets-seized-totalling-over-16-million-AJTs3ZWB"},{"credibility":2,"name":"Turin Ponzi Scheme: Fake Bank Raises 6M Euros in Crypto Fraud - SpazioCrypto","type":"news_article","url":"https://en.spaziocrypto.com/scams/turin-ponzi-scheme-fake-bank-6-million-euros-crypto-fraud/"}]},{"content":"Investigators allege that the scheme functioned as a classic Ponzi structure: a portion of the money collected during the initial phase was used to pay early investors sums purporting to be interest or returns on their 'investments,' which encouraged victims to deposit further funds and recruit others. To delay withdrawal requests and reassure savers, organizers allegedly provided victims with login credentials to an online platform that displayed entirely fictitious investment performance disconnected from any real underlying activity. The remainder of the funds was allegedly diverted into real estate, land purchases, and stakes in companies rather than the gold or cryptocurrency investments that were advertised to victims.","heading":"Ponzi mechanics and alleged diversion of funds","severity":"critical","sources":[{"credibility":2,"name":"Turin Ponzi Scheme: Fake Bank Raises 6M Euros in Crypto Fraud - SpazioCrypto","type":"news_article","url":"https://en.spaziocrypto.com/scams/turin-ponzi-scheme-fake-bank-6-million-euros-crypto-fraud/"},{"credibility":1,"name":"Turin: fraudulent investments in gold and cryptocurrencies - Il Sole 24 Ore","type":"news_article","url":"https://en.ilsole24ore.com/art/turin-investment-scam-involving-gold-and-cryptocurrencies-assets-seized-totalling-over-16-million-AJTs3ZWB"}]},{"content":"The Turin branch of the Guardia di Finanza (Nucleo di Polizia Economico-Finanziaria), acting under the coordination of the Turin Public Prosecutor's Office and reportedly with collaboration from Milan and Teramo units, seized cash, real estate, land, and company shares totaling over 1.6 million euros from individuals identified as the alleged organizers of the scheme. Twelve individuals have been charged; according to one report, seven were charged with self-laundering (autoriciclaggio) and five with conducting unauthorized financial business activity. These are allegations at the investigative stage and have not been tested at trial.","heading":"Charges and asset seizures","severity":"high","sources":[{"credibility":1,"name":"Turin: fraudulent investments in gold and cryptocurrencies - Il Sole 24 Ore","type":"news_article","url":"https://en.ilsole24ore.com/art/turin-investment-scam-involving-gold-and-cryptocurrencies-assets-seized-totalling-over-16-million-AJTs3ZWB"},{"credibility":2,"name":"Truffa a centinaia di risparmiatori: maxi sequestro da 1,6 milioni di euro della Guardia di Finanza - TorinOggi","type":"news_article","url":"https://www.torinoggi.it/2026/10/02/leggi-notizia/argomenti/cronaca-11/articolo/truffa-ai-danni-di-centinaia-di-risparmiatori-maxi-sequestro-da-16-milioni-di-euro-della-guardia-d.html"}]},{"content":"Reports indicate that hundreds of savers across Italy were allegedly targeted and persuaded to invest, with the fake bank's purported branches in Turin and Spain used to lend an appearance of legitimacy to the operation alongside the claimed London registration. The exact number of victims and individual loss amounts have not been published in available reporting.","heading":"Victim profile and scale","severity":"medium","sources":[{"credibility":2,"name":"Turin Ponzi Scheme: Fake Bank Raises 6M Euros in Crypto Fraud - SpazioCrypto","type":"news_article","url":"https://en.spaziocrypto.com/scams/turin-ponzi-scheme-fake-bank-6-million-euros-crypto-fraud/"},{"credibility":2,"name":"Centinaia di risparmiatori truffati con finti investimenti, scattano i sequestri - Unione Monregalese","type":"news_article","url":"https://www.unionemonregalese.it/news/territorio/318597/centinaia-di-risparmiatori-truffati-con-finti-investimenti-scattano-i-sequestri.html"}]}],"sources_used":[{"credibility":1,"name":"Turin: fraudulent investments in gold and cryptocurrencies - Il Sole 24 Ore","type":"news_article","url":"https://en.ilsole24ore.com/art/turin-investment-scam-involving-gold-and-cryptocurrencies-assets-seized-totalling-over-16-million-AJTs3ZWB"},{"credibility":2,"name":"Turin Ponzi Scheme: Fake Bank Raises 6M Euros in Crypto Fraud - SpazioCrypto","type":"news_article","url":"https://en.spaziocrypto.com/scams/turin-ponzi-scheme-fake-bank-6-million-euros-crypto-fraud/"},{"credibility":2,"name":"Truffa a centinaia di risparmiatori: maxi sequestro da 1,6 milioni di euro della Guardia di Finanza - TorinOggi","type":"news_article","url":"https://www.torinoggi.it/2026/10/02/leggi-notizia/argomenti/cronaca-11/articolo/truffa-ai-danni-di-centinaia-di-risparmiatori-maxi-sequestro-da-16-milioni-di-euro-della-guardia-d.html"},{"credibility":2,"name":"Centinaia di risparmiatori truffati con finti investimenti, scattano i sequestri - Unione Monregalese","type":"news_article","url":"https://www.unionemonregalese.it/news/territorio/318597/centinaia-di-risparmiatori-truffati-con-finti-investimenti-scattano-i-sequestri.html"},{"credibility":2,"name":"Finta banca e falso oro per truffare risparmiatori, maxi sequestro a Torino - Il Gazzettino di Gela","type":"news_article","url":"https://www.ilgazzettinodigela.it/finta-banca-e-falso-oro-per-truffare-risparmiatori-maxi-sequestro-a-torino"}],"summary":"Italy's Guardia di Finanza in Turin uncovered an alleged Ponzi scheme in which organizers set up a fake London-registered 'bank' with purported branches in Turin and Spain to solicit gold and cryptocurrency investments from hundreds of savers, raising over 6 million euros between 2021 and 2023. Investigators allege no investments were ever actually made, with early returns paid from new investor deposits; twelve individuals have been charged and roughly 1.6 million euros in cash and assets were seized, in a case coordinated by the Turin Public Prosecutor's Office.","timeline":[{"date":"2021","event":"Alleged start of the scheme's fund-collection period, during which organizers solicited gold and cryptocurrency investments through the purported London-registered bank with branches in Turin and Spain.","source":"Il Sole 24 Ore","source_url":"https://en.ilsole24ore.com/art/turin-investment-scam-involving-gold-and-cryptocurrencies-assets-seized-totalling-over-16-million-AJTs3ZWB"},{"date":"2023","event":"Alleged end of the fund-collection period; by this point more than 6 million euros had reportedly been raised from hundreds of savers.","source":"SpazioCrypto","source_url":"https://en.spaziocrypto.com/scams/turin-ponzi-scheme-fake-bank-6-million-euros-crypto-fraud/"},{"date":"2026-10","event":"Guardia di Finanza in Turin, coordinated by the Turin Public Prosecutor's Office, executed asset seizures of over 1.6 million euros in cash, real estate, land, and company shares; twelve individuals were charged in connection with the scheme.","source":"Il Sole 24 Ore / TorinOggi","source_url":"https://en.ilsole24ore.com/art/turin-investment-scam-involving-gold-and-cryptocurrencies-assets-seized-totalling-over-16-million-AJTs3ZWB"}]},"v":1}