The official notice issued by the Israeli Police reads. “Yes, the investigation focused on the suspicion of a 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 them to crypto-currency.”
Authorities of Israel bust a multi-million dollar crypto laundering scheme that targeted the French treasury for Covid-19 relief.
In a recent statement, the Israeli Police revealed that an undercover investigation was carried out by Blahav 433 Cyber Unit and the Diamond Unit of the Tax Authority over the past months to look into a money laundering scheme.
The perpetrators employed an orderly scheme to launder money obtained from crimes committed overseas by posing as fake businesses that applied for pandemic-related support. The fraudsters disguised these funds by converting the “tens of millions” of stolen shekels into crypto funds.
The crime was conducted from Israel, and the scam was targeted at laundering the Covid-19 relief doled out by the French government. Moreover, the Police believe that the criminals hid their profits from the tax authorities and suspect them of several other tax offenses.
By cooperating with Europol and French Police, the Israeli authorities arrested three suspects and detained several others for questioning. The statement claims that those arrested will be remanded at the Magistrate’s Court “for as long as necessary.” The identities of the suspects remain undisclosed.
