Eight suspects were arrested by the Israeli police for committing massive cryptocurrency fraud. They were arrested in a series of raids that took place on Thursday morning. One suspect is a well-known businessman and owner of a popular soccer club in Israel.
Police announced that the suspects had allegedly defrauded hundreds and millions of shekels through cryptocurrency fraud. They were alleged to have operated in a systematic way and appeared as potential investors in profitable ventures.
According to their share, the suspects are accused of deceiving investors in several cryptocurrency projects. They are thought to have taken tens to millions of shekels each.
A Major Bust
After raiding the homes and businesses the suspects, the police made the arrests. The police also confiscated exhibits and documents related to the investigation.
They could face a variety of charges, including theft by a licensee, receiving anything fraudulently under aggravated circumstances and conspiracy to commit crime. They could also be charged under the Anti-Money Laundering Act or tax offenses.
Additionally, the primary suspect is the owner of the football club and is suspected to have committed sex-related offenses.
The Yahav in Lahav 433, together with the Tax Authority, and the Securities Authority conducted a series of months-long investigations that led to the bust. The investigation was also supported by the Anti-Money Laundering and Terrorist Financing Authority of Israel.
The Israeli police arrested a major cryptocurrency and forex fraud scheme that was primarily targeting American investors last month. In connection to a binary options scam, almost a dozen people were arrested in a separate operation.