Seven people have already been arrested in an ongoing Europol probe into money laundering and online fraud it was made known on Monday.

According to the European Union Agency for Criminal Justice Cooperation, the group is alleged of having generated nearly EUR 1 billion in turnover over the past five years through call centres based mainly in Limassol,

The operation in Limassol was carried out last week by Cypriot, French and Belgian police, who are continuing their investigations.

Sources said most of those arrested were Russian and Jewish, while Cypriot associates were called in for questioning.

The arrest warrants were issued by the Limassol district court.

Sources told Politis that the investigations focus on money laundering and online fraud against French nationals.

Through the call centres, contact was made with people in European countries – in this case France – promising huge returns on investments.

The victims – including many pensioners – were persuaded to deposit money with the promise of receiving profits in the first few months, however after receiving the money the fraudsters disappeared, the sites were taken down, addresses were changed and the next victims were targeted.

It appears there were so many complaints filed in France, that French lawyers and police visited Cyprus to build a case.