E-crime squad traces bogus fund managers

Two Greek men alleged to have swindled more than 2 million euros from dozens of would-be investors after setting up a bogus online fund management firm yesterday faced an investigating magistrate on fraud charges. Police put their electronic crime squad on the case after a hotelier from Aegina claimed to have been swindled out of 300,000 euros. The hotelier initially tried to contact the firm, which the two men had presented as the Greek subsidiary of a US company ostensibly named Dunhill Scott. On realizing that the firm was bogus, he alerted police. Officers raided the Glyfada premises, arresting the men, aged 45 and 52, and seizing computer equipment. According to police, the alleged fraudsters had attracted 120 clients, half of whom are believed to have lost considerable sums of cash that they had entrusted to the pair for investment in foreign exchange markets.