Three Suspects were Arrested In Israel with a multi-million crypto laundering scheme to trick the French treasury.
Israeli authorities have taken into custody three people suspected of orchestrating a fraud scheme targeting the French treasury.
Three people have been arrested in Israel for being part of a criminal outfit that carried out illegal activities like tax offenses and money laundering.
The French treasury was targeted in a money laundering scheme involving millions of Shekels. Israeli police said the money launderers operated by stealing, converting fiat into cryptos, and transferring across borders.
Fraud Carried Out In Israel
Apparently, the fraudsters operated from Israel how the police did not describe the suspects’ identities. A statement released by the Israeli Tax Authority read,
“originated from crimes committed abroad, while using digital currencies on various platforms in order to obscure and disguise the identity of the owners and the movement of the money.”
Police in Israel has been investigating several people suspected of being linked to the fraud for months before they finally took them into custody. In a statement released on Monday, the police said,
“The investigation focused on suspicion of large-scale fraud against the state treasury in France that was carried out from Israel, and the theft of millions of euros and the laundering of the funds by converting it into cryptocurrency.”
The investigation was carried out in cooperation with Europol, the Israeli police, the Israeli cybercrime unit, and the French police.
Is The Crypto Industry A Safe Haven For Fraudsters?
The fraud at the French treasury revives strong emotions in some government circles as to whether the crypto market is a thriving ground for thieves and scammers. Also, it’s not the first time scammers have used cryptos to mask their activities to make themselves less likely to be traced.
While these scam-related issues may be a hot topic both in the short and long-term, there are still those who feel that the industry could be advanced into a much safer environment with better regulations.