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Scam Investment Scheme Robs Investors of 6 Million Euros in France, Belgium, and Israel


Scam Investment Scheme Robs Investors of 6 Million Euros in France, Belgium, and Israel

French, Belgian and Israeli investigators have cracked down a scheme which robbed the citizens of 6 million euros on 29 January. It was reported by Europol that the mastermind to design this particular scheme was a French-Israeli citizen.

Modus Operandi

The fraudsters associated with this scheme had promised the victims fruitful returns on their investment. Reportedly, the fraudsters had set up a system in which investors were ensured reciprocation of heavy returns on their amounts of investments in bitcoin, diamond, and gold. The returns they ensured to their investors ranged from five percent to 35 percent.

Moreover, the defraud of heavy amounts of money was not only confined to citizens who had invested but also large and local organizations which include a French company as well. The tricksters had stretched out a hand of help to their investors and pretended to manage their wallets and deepened their belief in their investment scheme as a result of which the victims did not hesitate to invest their money.

The Investigation 

Europol and Eurojust had investigated the case in the year 2018 during which four suspects were arrested. Later the investigation led to the arrest of five more suspects. In total, nine people were found associated with the scandal. 

The successful execution of the fraud scheme brought them success in which the tricksters could make their investors spew 6.64 million dollars to their credit. The authorities could manage to recover only one million euros and the rest of the unrecovered money is suspected to have been transferred beyond the boundaries of the European Union.  French regulators have accorded that this is not the first massive scandal to have taken place in the domain of bitcoin and crypto-currency. There have been many others as French regulatory agency has noted an acceleration in the crypto-related scandals, the percentage estimated being 14,000%.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.


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