Law Enforcement Agencies Arrest International Crypto Investment Fraudsters 


Law Enforcement Agencies in Belgium, France and Israel arrest International Crypto Investment Fraudsters who defrauded around € 6 million ($ 6.62 million) on more than 85 victims. Four scammers were arrested in France, while Israeli police interrogated five people.

January 31, 2020, | AtoZ Markets – Law Enforcement Agencies has arrested ten alleged scammers today in connection with a cryptocurrency scheme that defrauded investors of € 6 million ($ 6.60 million). Authorities in France and Belgium said today that they arrested the Israeli-based organized crime group that attracted 85 unsuspecting Bitcoin and other altcoins investors. Eurojust and Europol supported the operation.

Europol Was Surveying International Crypto Investment Fraudsters 

International Crypto Investment Fraudsters network began in 2018. The members of the gang were active in Belgium, France and Israel. The gang implemented a sophisticated investment scam. It promised significant gains on funds focused on gold and diamonds, as well as virtual currencies.

“Europol has supported the survey since 2018 and facilitated the exchange of information between participating countries,” said Europol.

A Europol operational task force between investigators and magistrates from Belgium, France and Israel involved in the investigation to increase operational cooperation between the countries. Europol also provided analytical and technical support and sent an expert on-the-spot to cross-check operational information against Europol’s databases. It consequently provides clues to investigators.

Read MOre: FCA Provides Firms With Guidance on Brexit Transition Period

Fraudsters Promised 35% Returns

the scammers promised 35% returns on sham investments in Bitcoin and other cryptocurrencies. So, they have established a relationship of trust with the victims. The scammers provided the victims with small initial gains for convincing them to invest additional funds in their bogus investment products.

Scammer encouraged investors to deposit their money with fake companies. Then, they quickly transferred to bank accounts in various Asian countries and Turkey.

In a statement, Europol said four suspected network members arrested in France earlier last year. Five others were arrested and interrogated in Israel with the support of an international operational task force. The agency brought together Belgian, French and Israeli investigators.

Earlier, the Australian Competition and Consumer Commission’s Scamwatch (ACCC) showed that Australians had lost AU$61.61 million ($42.56 million) in 2019 due to investment scam. Moreover, Australians submitted 4,986 reports of investment scams to the ACCC during 2019.

Think we missed something? Let us know in the comments section below.

    Share Your Opinion, Write a Comment