Fier police bust online “pyramid scheme,” identify ringleader called “Professor”

Albanian police in Fier have uncovered a group running an online pyramid scheme coordinated through the messaging app Telegram. The ringleader, identified in chats as “Leo Smith” and nicknamed “Professor” by the group, is reportedly a British citizen, with investigations into his identity and whereabouts still ongoing.

Why is this important: Authorities say the group systematically defrauded victims through a fake investment platform called XUEX, falsely presented as legitimate. The case sheds light on how transnational scam networks operate and exploit unsuspecting investors, while also threatening to escalate into extortion or violence when victims demanded their money back.

Context: The full investigative file obtained by TV Klan shows that “Professor” not only organized the scheme but also gave online “financial lectures” to convince victims that XUEX was a secure investment platform. Six people have been arrested and two others remain at large.

The arrested individuals acted as field “agents,” tasked with recruiting new victims and increasing the flow of money into the scheme. Chat transcripts reveal that when promised profits failed to materialize, these agents faced pressure and threats from the ringleader. In one case, a victim who had invested $10,000 demanded repayment, leading to direct messages from the “Professor” urging his agents to handle the situation.

Despite these risks, investigators say the group continued operating due to the high profits generated by defrauding victims. The scheme is believed to have netted significant sums before being dismantled.

What else: Albania has a painful history with pyramid schemes, which triggered the collapse of the country’s economy in 1997 during Sali Berisha’s presidency, plunging the nation into months of chaos and bloodshed. Socialist MP Erion Braçe, who played a leading role in exposing the scheme, warned that Albanians must not repeat the mistakes of the 1990s. Braçe urged citizens to remain vigilant and called on authorities to act decisively before more people lose their life savings.

Next steps: Police continue to work with international partners to locate “Leo Smith” and track potential offshore accounts connected to the fraud. Prosecutors are preparing charges that may include fraud, money laundering, and participation in a criminal organization.