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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.
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.
SCARS Resources:
- For New Victims of Relationship Scams newvictim.AgainstScams.org
- Subscribe to SCARS Newsletter newsletter.againstscams.org
- Sign up for SCARS professional support & recovery groups, visit support.AgainstScams.org
- Find competent trauma counselors or therapists, visit counseling.AgainstScams.org
- Become a SCARS Member and get free counseling benefits, visit membership.AgainstScams.org
- Report each and every crime, learn how to at reporting.AgainstScams.org
- Learn more about Scams & Scammers at RomanceScamsNOW.com and ScamsNOW.com
- Global Cyber Alliance ACT Cybersecurity Tool Website: Actionable Cybersecurity Tools (ACT) (globalcyberalliance.org)
- Self-Help Books for Scam Victims are at shop.AgainstScams.org
- Donate to SCARS and help us help others at donate.AgainstScams.org
- Worldwide Crisis Hotlines: International Suicide Hotlines – OpenCounseling : OpenCounseling
- Campaign To End Scam Victim Blaming – 2024 (scamsnow.com)
More:
- Office of Public Affairs | Four Men Convicted of $18M Global Investment Fraud Scheme | United States Department of Justice
- Scam Warning: New Type Of Crypto Investment Scam – Liquidity Mining Crypto Scam (romancescamsnow.com)
- Beware Cloned Company Scams – Fake Investments (romancescamsnow.com)
- SCAM WARNING: Being Lured Into Scam Investments (romancescamsnow.com)
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Some of our articles discuss various aspects of victims. This is both about better understanding victims (the science of victimology) and their behaviors and psychology. This helps us to educate victims/survivors about why these crimes happened and not to blame themselves, better develop recovery programs, and help victims avoid scams in the future. At times, this may sound like blaming the victim, but it does not blame scam victims; we are simply explaining the hows and whys of the experience victims have.
These articles, about the Psychology of Scams or Victim Psychology – meaning that all humans have psychological or cognitive characteristics in common that can either be exploited or work against us – help us all to understand the unique challenges victims face before, during, and after scams, fraud, or cybercrimes. These sometimes talk about some of the vulnerabilities the scammers exploit. Victims rarely have control of them or are even aware of them, until something like a scam happens, and then they can learn how their mind works and how to overcome these mechanisms.
Articles like these help victims and others understand these processes and how to help prevent them from being exploited again or to help them recover more easily by understanding their post-scam behaviors. Learn more about the Psychology of Scams at www.ScamPsychology.org
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All articles about psychology and the human brain on this website are for information & education only
The information provided in this and other SCARS articles are intended for educational and self-help purposes only and should not be construed as a substitute for professional therapy or counseling.
Note about Mindfulness: Mindfulness practices have the potential to create psychological distress for some individuals. Please consult a mental health professional or experienced meditation instructor for guidance should you encounter difficulties.
While any self-help techniques outlined herein may be beneficial for scam victims seeking to recover from their experience and move towards recovery, it is important to consult with a qualified mental health professional before initiating any course of action. Each individual’s experience and needs are unique, and what works for one person may not be suitable for another.
Additionally, any approach may not be appropriate for individuals with certain pre-existing mental health conditions or trauma histories. It is advisable to seek guidance from a licensed therapist or counselor who can provide personalized support, guidance, and treatment tailored to your specific needs.
If you are experiencing significant distress or emotional difficulties related to a scam or other traumatic event, please consult your doctor or mental health provider for appropriate care and support.
Also read our SCARS Institute Statement about Professional Care for Scam Victims – click here
If you are in crisis, feeling desperate, or in despair, please call 988 or your local crisis hotline.
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A Question of Trust
At the SCARS Institute, we invite you to do your own research on the topics we speak about and publish. Our team investigates the subject being discussed, especially when it comes to understanding the scam victims-survivors’ experience. You can do Google searches, but in many cases, you will have to wade through scientific papers and studies. However, remember that biases and perspectives matter and influence the outcome. Regardless, we encourage you to explore these topics as thoroughly as you can for your own awareness.
