Greek pair caught over EUR 36.5 m fake German lottery

(ATHENS) - Police in Greece on Wednesday said they had caught two men suspected of operating a fake lottery in Germany that had swindled some 36.5 million euros ($50 million) from players over a three-year period.

"Members of this racket had tricked around 360,000 people in Germany into participating in non-existent lottery draws for a monthly fee of 29.90 euros," the police said in a statement.

"Their profit exceeded 36.5 million euros," the police said.

The racket used phone lists illegally obtained from betting companies.

It employed phone operators who offered cash rewards, cars and free trips to lure would-be victims.

Bogus companies had been set up to funnel the proceeds into various bank accounts.

The two men arrested in Athens had been senior operatives in the racket from 2009 to 2012, the police said.