Ten arrested for duping investors out of $6.60 million in a crypto scam.

France and Belgium authorities busted an Israel-based organized crime group that scammed 85 investors out of 6 million euros ($6.60 million). European authorities arrested ten people for running the elaborate crypto scam.

The European authorities busted an organized criminal group based in Israel that allegedly scammed $6.60 million by running an elaborate crypto scam. The scammers lured in 85 investors from France and Belgium to invest in their crypto scam. According to authorities, scammers used elaborate tactics to lure in victims.

 

Scammers promised massive returns on investments.

According to the European authorities, scammers ran a classic con game and duped investors out of their funds. Early victims were paid small yields so they could recruit more new investors or invest more money. The scammers promised massive returns of up to 35 percent on the investments. They used some of the new investors’ funds to pay back other investors in a Ponzi-like fashion.

 

Four scammers arrested in France.

Earlier this month, France law enforcement arrested four scammers in the country and seized 1 million euros in cooperation with authorities in Luxembourg. The Israeli police conducted seven searches and questioned five people in relation to this scam. The payments received from the investors were transferred to fake companies that the cyber criminals had set up. The proceeds from investors were transferred from bank accounts in the European Union to accounts set up in Turkey and several other Asian countries.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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