An Israeli-based organised crime gang has been<a href="http://www.eurojust.europa.eu/press/PressReleases/Pages/2020/2020-01-30.aspx"> busted</a> by Belgian, French and Israeli police for scamming 85 investors of $6.60 million. The operation led by Europol and Eurojust saw a total of ten suspects allegedly linked to the international cryptocurrency investment fraud gang arrested.

Moreover, the gang has been targeting investors from France and Belgium to dupe them of their money. As per the European authorities; the sham group paid the early victims little yields to help lure in more investors. They promised huge payouts of up to 35% to investors. They used the money from new investors to pay the earlier ones just like in a sham-pyramid scheme.

After their humble initial payouts, the gang transferred all their illegal proceeds from victims to a range of fake companies. Afterwards, they funnel the money to bank accounts in other European Union member countries, Turkey and some Asian states.

Furthermore, Europol highlighted in a statement that four of the arrested suspects were in France at the beginning of 2020. The joint task force arrested another five in Israel. The task force was organised by the European Law Enforcement Agency.
<h2>Probe on the Gang Started in 2018</h2>
The probe to destroy the crime group was started back in 2018. The gang members had established an intricate<a href="https://www.cryptoknowmics.com/crypto/bitcoin-burglars-try-to-flee-after-mayfair-store-theft/"> cryptocurrency</a> investment Ponzi scheme which was active in both France and Belgium. However, the management was based in Israel. The scam promised significant proceeds on investments focusing on gold, diamonds and digital currencies.
<blockquote>“A Europol operation task force between investigators and magistrates from Belgium, France and Israel to increase the operational cooperation between the countries involved in the investigation. Europol provided also analytical and technical support and deployed an expert on-the-spot to cross-check operational information against Europol’s databases and thus, provide leads to investigators,” Europol noted.</blockquote>

Authorities Arrest 10 for Hoodwinking $6.60 M of Investors

An Israeli-base organised crime gang has been busted by Belgian, French and Israeli police for scamming 85 investors of $6.60 million. The.... %

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Authorities Arrest 10 for Hoodwinking $6.60 M of Investors

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