Norwegian authorities charged four men with orchestrating a fraudulent cryptocurrency investment scheme that allegedly swindled investors out of over 900 million Norwegian kroner (approximately $80 million).

The economic and environmental crime unit, Økokrim, accused the individuals of deceiving thousands of investors across various countries into believing they were investing in a highly profitable business with interests in gas, mining, and real estate.

The state prosecutor, Joakim Ziesler Berge of Økokrim, described the operation as a "large and extensive fraud," highlighting the significant financial losses suffered by a multitude of victims. The fraudsters reportedly lured investors through presentations at global events, offering investment packages that included the company’s own cryptocurrencies and shares.

According to Økokrim, the scheme failed to make any substantial investments and generated no revenue, instead relying on the recruitment of new investors by those already involved to sustain itself. Over 700 million Norwegian kroner (around $62 million) was allegedly laundered through the accounts of a local law firm and various companies throughout Asia, complicating the task of tracing the stolen funds.

The four Norwegian men, aged between their 50s and 70s and charged with fraud and money laundering, are accused of operating the scheme from March 2015 to November 2018. While three of the accused are implicated in collecting the illicit funds, the fourth is charged with aiding in the money laundering process.

Legal representatives for two of the defendants have publicly stated that their clients deny any wrongdoing. Christian Flemmen Johansen, representing one of the individuals, insisted on his client's innocence, as did lawyer Ole Petter Drevland for another defendant. Information regarding legal representation for the remaining two accused was not available.

The case is scheduled to be presented in Oslo District Court in September, with proceedings expected to last over 60 days.