Eleven people from Australia, Montenegro, the Philippines and Serbia were detained on charges that they "created, promoted and organised" 16 fake investment platforms.
They are suspected of swindling investors from all around the world who placed funds in international bank accounts connected to the group's organisers, a Serbian police statement said.
"After that, the group, on the order of the organisers, closed these fake investment platforms and after some time reopened new ones with the same practiced method," the statement said.
"There is a reasonable suspicion that the organisers and members of this group obtained illegal property worth more than $70 million," the Serbian said.
The investigation was led by the Serbian Prosecutor's office for organised crime and the US Federal Bureau of Investigation (FBI), since the group is suspected of scamming investors from Texas, among others. - AFP