09/27/2023 10:17 am (current 09/27/2023 10:20 am)
The trial involves eight defendants and around 40 thousand victims ©APA/GERT EGGENBERGER
A large-scale investment fraud trial began on Wednesday at the Klagenfurt regional court. The eight defendants are said to have founded the “EXW Group” and defrauded around 40,000 victims of more than 14 million euros. The defendants are accused of serious commercial fraud, money laundering, pyramid schemes and criminal association. The process will likely take longer; around 150 witnesses were requested. If convicted, the defendants could face up to ten years in prison.
According to the Economic and Anti-Corruption Prosecutor’s Office (WKStA), the defendants founded several companies, including banking data and crypto wallets. They promised investors high returns through real estate projects, crypto trading and their own cryptocurrency called “EXW token”. Instead of investing, money was channeled through various accounts and then spent mainly on one’s luxurious lifestyle. In some cases, glamorous events were also organized to attract new “customers”.
The president of the Senate jury is Judge Claudia Bandion-Ortner. Earlier this Wednesday, the personal details of the eight defendants were questioned. The main defendant is a 26-year-old from Klagenfurt. Four other Carinthians aged between 25 and 48, a 31-year-old Tyrolean and a 26-year-old Tyrolean, as well as a 28-year-old Croatian, will have to answer for him.