Investigation into international fraud network based in Israel, Cyprus sees seven suspects arrested
The operation, led by German prosecutors, resulted in the arrest of seven suspects, searches at 17 locations, and the seizure of more than 100 servers allegedly used by the fraud network.
A multinational investigation has uncovered a fraudulent investment network with operations in Israel and Cyprus, according to Europol and Eurojust. Led by German prosecutors, the operation resulted in the arrest of seven individuals and the seizure of evidence from 17 locations. The suspects are alleged to have provided technological infrastructure to criminal organizations across Europe, enabling them to defraud investors.
The investigation, involving multiple European countries, targeted the provision of "Crime as a Service," where the Israeli and Cyprus-based company allegedly supplied digital tools, including fake trading websites mimicking legitimate investment platforms. Victims were initially asked to deposit small amounts, with fictitious profits appearing in their accounts.
As trust grew, scammers pressured victims to deposit larger sums, eventually making it difficult for them to withdraw their money. The network allegedly targeted victims in over 50 countries, causing financial losses exceeding €4 million. German authorities have extradited three suspects and sentenced them to prison terms ranging from three to five years.
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