(Last Updated On: September 7, 2023)

Israel Police Bust Major Investment Fraud Organization

By SCARS Editorial Team, portions from Jerusalem Post and Finance Magnates

Israeli Police Bust Massive Online FX Investment Fraud, Arrest Six

Israeli police have arrested six people in connection with a massive online foreign exchange (FX) investment fraud that is estimated to have cost victims millions of dollars.

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The suspects, who are all Israeli citizens, are accused of running a scam that involved setting up fake websites and social media accounts that purported to offer high-yield FX trading opportunities. They allegedly lured victims into investing their money by promising guaranteed returns but instead used the funds to enrich themselves.

The investigation into the fraud began in 2022 after several victims filed complaints with the police. The suspects were arrested in recent weeks during a series of raids by Israeli law enforcement.

“This was a sophisticated fraud that targeted unsuspecting victims,” said Kobi Cohen, a police spokesperson. “We are committed to bringing to justice those who prey on others in this way.”

The suspects are facing charges of fraud, money laundering, and other offenses. They are due to appear in court later this month.

According to the Jerusalem Post:

Police arrest suspected international investment fraud ring

The cyber unit of Israel Police’s Lahav 433 arrested Israelis suspected of defrauding investors online and providing infrastructure to criminal organizations around the world for fraud, police said Tuesday.

The investigation into the case was conducted in coordination with the Authority for the Prohibition of Money Laundering and Terrorist Financing, the Yahalom Unit of the Tax Authority and the Office of the Chief Cybercrime Prosecutor of the State of Bavaria in Germany.

The investigation found that a number of suspects provided infrastructure for fraudulent offenses to hundreds of forex offices around the world in recent years. The infrastructure was used by criminal organizations in Israel and around the world to operate fraudulent investment offices.

According to Finance Magnates:

The fraudsters defrauded investors across Europe. The mastermind of the fraud is still at large.

In a major crackdown against investment fraud, the cyber unit of Israel Police’s Lahav 433 arrested six suspects and detained several others, who allegedly defrauded investors online and provided digital infrastructure to other criminal organizations. The scale of the scams was massive as it is suspected that they provided infrastructure for fraudulent offenses to hundreds of forex offices globally and siphoned off tens of millions of euros, according to Israeli news outlet Posta.

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The raids and arrests by the Israeli police followed an investigation by German authorities against the fraudulent ring.

According to Posta, Despite the six arrests, Jeremy Katlan, also known as Roni Hajjaj, who is allegedly the head of the criminal network, managed to escape abroad. The latest arrests by Israeli authorities from the forex office in Ramat Gan include a family member of Katlan, who is suspected to be managing the venue jointly. The CEO of that office was also arrested.

The suspects allegedly contacted victims globally through sales representatives, who presented themselves as traders of forex, cryptocurrencies, and other financial instruments. They even operated fraudulent call centers in Bulgaria, Serbia, Ukraine, Georgia, Israel, and Kosovo.

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