Preliminary investigation into "Pump and dump" is closed

The preliminary investigation was conducted during the autumn in collaboration with the Swedish Financial Supervisory Authority and concerns so-called pump and dump fraud.

"There is no doubt that this action is criminal. But when the arrangements are controlled from abroad, it becomes practically impossible to identify and prosecute those responsible," says Jonas Myrdal, deputy head of the Financial Markets Chamber at the Swedish Economic Crime Authority in a press release.

The frauds took place in WhatsApp chat groups. According to the investigation, the phone numbers used were linked to prepaid cards purchased in the Stockholm area but likely sent abroad. The prepaid cards were registered using foreign, and likely fake, identities.