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Promising good returns on cryptocurrency investment, an Israeli gang cheated Hungarian and other Europeans out of tens of millions of dollars; less than $2 million recovered so far.
Hungarian police busted an international money-laundering ring based in Hungary earlier this month that was led by an Israeli man that cheated people in dozens of countries through online investment frauds, police said Monday.
Around 44 million euros ($47 million) were transferred from some 94 companies set up by the gang, police spokesman Peter Farkas told reporters in Budapest. The gang was led by a 48-year-old Israeli man living in Hungary, one of five suspects arrested during coordinated raids on May 9 across Hungary.
The fraud schemes were typically online and related to so-called account-switching and cryptocurrency investments, said Farkas, speaking at a press conference where seized phones, laptops and some 250 SIM cards were on display.
Cars and jewellery were also confiscated. Investments with good returns were promised to people who then transferred monies to over 400 fraudulent bank accounts,’ he said.
The money was ‘quickly transferred onward,’ mainly to countries east of Hungary, said Farkas, without specifying where the stolen money was taken. Police have so far recovered some 1.8 million euros ($1.94 million) from the 44 million euros, he added.
Adolf Hitler knows: ‘It doesn’t even enter their heads to build up a Jewish state in Palestine for the purpose of living there; all they want is a central headquarters for their international world swindle, endowed with its own sovereign rights and removed from the intervention of other states: a haven for convicted scoundrels and a university for budding crooks.’ ~ Mein Kampf’, Volume I, Chapter 11, pp. 324-325 – HM edition.
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