German Prosecutors File First Charges in €300 Million Payment-Fraud Scam
Updated
Updated · Bloomberg · Jul 7
German Prosecutors File First Charges in €300 Million Payment-Fraud Scam
2 articles · Updated · Bloomberg · Jul 7
Summary
German prosecutors filed the first charges tied to the €300 million Operation Chargeback scheme, marking the first formal case move in the global payment-fraud investigation.
Millions of credit card holders were allegedly duped in the scam, which investigators say involved help from payment company executives.
Koblenz court in southwestern Germany received the charges, according to people familiar with the private matter.
The case targets a cross-border fraud operation whose alleged scale—€300 million, or about $343 million—underscores the reach of the payment scam.