Citizens of France, Belgium and Israel have the police to thank for ousting a crypto investment fraud which was to return 35 percent on citizens’ crypto investment. However, before the fraud was stopped, a private company in France alongside a local French authority where already victims of these scammers as the police made 10 arrests of suspects who were involved in the fraud.
European Union Agency for Criminal Justice Cooperation (Eurojust) revealed that Belgium and France authorities partnered to arrest the scammers. The criminal networks are alleged of being involved in a large-scale international scam where they sell and buy BTC and other digital currencies.
The scammers allegedly defrauded around 85 victims in Belgium and France of around EUR 6 million as the Organized Criminal Group (OCG) members who already had plans of defrauding other people and were operating from Israel.
However, the criminal group alleged leader has been arrested as he was said to commit carbon tax fraud. Reportedly, authorities began investigating the criminal group since 2018 after which five suspects where arrested in Israel in 2019 alongside Eurojust.
The criminal group had promised scam victims a high return on crypto investment through its online platform. The deal also included golds, diamonds as they were promised around 35% return on their crypto investments.
The criminals managed to dupe unsuspecting victims pretending to be managing their account successfully and thereby asking them to keep investing.
French investors’ fall prey of crypto investments scam
Reportedly, France’s local authority and private company were duped too. Eurojust explained that the group got in touch with victims by phones proposing that they will make huge profit n BTC investment. To also make their victims believe them, the group allowed victims to gain small profit on their investment and encouraged they invest further.
As investment continued to rise, victims continued to lose money as they were diverted to other fake companies that were established for the sole purpose the group wanted to achieve. The gains were further moved through bank accounts in EU member states to bank accounts in Asia.