Online Pyramid Schemes Rob Albanians of Millions

Anyone who has invested in online pyramid schemes has ultimately lost their money. Once the activity stops, there is no way to recover the investment. The loss of blocked funds for many Albanians is a reality that can also be confirmed by what has already happened in other countries.

IT security expert Edon Vagagji speaking to A2 (screenshot)

“The money is lost in every case,” explained IT security expert Edon Vagagji in an interview with A2. “These platforms operate by deceiving users with promises of quick and guaranteed profits, luring them with aggressive ads on social media. At first, they pay some users to build trust and attract others, but later, when a large number of investments is reached, the activity suddenly stops. Once the network collapses, digital traces are erased, the money is transferred to unreachable accounts, and the chances of recovering it are nearly zero.”

Similar cases across Europe and the region confirm the same outcome. Millions of euros have disappeared in other countries, with only a tiny fraction ever recovered. Vagagji stressed that these platforms are usually registered in jurisdictions with weak regulations, where local authorities cannot intervene effectively. “By the time investigations begin, digital traces have been erased and the money dispersed across hundreds of accounts, making recovery practically impossible,” he added.

Suspicion is growing that not only foreign criminal groups but also Albanian citizens are behind these operations. “There are strong suspicions that these schemes are not run solely from abroad. Some Albanians are exploiting their technological knowledge and local networks to make the schemes appear more credible. They set up websites and apps in the Albanian language, use targeted ads on social media, and even employ public figures to boost credibility. This makes it harder to identify and dismantle them, since at first they appear legitimate, while in the background, the funds are swiftly transferred abroad,” Vagagji explained.

According to estimates, online fraudulent schemes have extracted around 5 million euros from Albanian citizens. Despite responses from the State Police, the National Authority for Cybersecurity, and the Financial Supervisory Authority—following concerns raised by Socialist MP Erion Braçe—the so-called “pyramid firms” continue operating, especially through the social network Telegram.