Authorities from Israel and Germany conducted a crackdown on a binary options fraud ring that led to the arrest of 15 suspects in Israel, and some of the names involved have now been publicly revealed.
According to FinTelegram News, the suspects are allegedly connected to GetFinancial, which has alleged ties to the E&G Bulgaria cybercrime organization through Gal Barak, Gery Shalon and Vladislav Smirnov. In addition, the media outlet noted that Shalon’s brother-in-law David Bar-El is said to be directly involved in the GetFinancial scam.
Moreover, Shota Shalelashvili, Shalon’s father, is said to be allegedly involved in the illicit activities of the binary options fraud scheme. FinTelegram clarifies that Shalelashvili was allegedly still a Georgian member of parliament for the ruling party at the time when he was working on GetFinancial.
In February 2021, the European Fund Recovery Initiative (EFRI) filed a complaint accusing David Bar-El of stealing money from victims and requested the money be returned. Also, it was known that four to six Israelis are to be extradited to Germany to face charges, as the action was launched by the prosecutor’s office of Bamberg, Germany.
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Key Suspect at Large
As Finance Magnates reported today, the police released 11 suspects after interrogation but will bring the other 4 to court seeking an extension of their custody. The primary accused individual that was arrested in the raid is an Israeli lawyer, who is believed to be the co-owner of the company running the fraudulent activities. The lawyer could possibly be David Bar-El, as FinTelegram quotes him as an ‘Israeli lawyer.’
Another key suspect, who manages and controls the company, is still at large. Although his identity has yet to be determined, his whereabouts are unknown. He is wanted for questioning in Israel. Investigators claim the suspects conducted investment scams from call centers in Israel and other countries. At the same time, FinTelegram says that the scheme was said to be operated in boiler rooms based in Georgia.
As of press time, there is no official confirmation on the names involved in the authorities’ crackdown on the binary options fraud.