Law enforcement agencies in Belgium, France and Israel have reported to take action to stop an international scam promising high returns of up to 35% on crypto investments.
A collaboration of the French Gendarmerie Nationale, the Belgian Police Judiciaire Fédérale and the Israel Police have brought down a large network allegedly involved in illicit activities such as money laundering and binary investment fraud. An unnamed person who has already been convinced of carbon tax fraud is suspected to be the mastermind of the scam.
It is said that a big French private company and a local authority are among the 85 victims of this network. In total, 10 suspects related to the case have been arrested. The scam is believed to be responsible for defrauding an amount of at least €6 million.
The investigators have also discovered invoices for a few million euros, which the group members had not gotten their hands on yet. More than €1 million have already been seized by authorities from the network’s accounts.
Dating back at the beginning of 2019, Europol said four suspected members of the network were arrested in France before another five were detained and questioned in Israel with the support of an international operational task force set up by the European law enforcement agency that brought together Belgian, French and Israeli investigators.
The group allegedly established online platforms that promised high returns on investments (ROI) in cryptocurrencies as well as gold and diamonds. The victims were promised between 5 and 35% ROI, and the group members pretended to successfully manage their accounts for them in the beginning and then encouraged them to invest more money.
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