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.
A Massive Bust of Israeli Police
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.
A Criminal Ring of Investment Fraudsters
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.
Victims were lured in with promises of high returns. The fraudsters even presented falsified documents of the investment scams. However, in reality, the fraudsters never invested the collected proceeds from the investors. The fraudsters also transferred the victims' funds to bank accounts in Germany, the Czech Republic, and Hungary.
The German authorities were involved as they were the first to identify five groups that have been operating since 2018 and linked to the larger ring. The German investigators also collected testimonials from hundreds of victims.
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.
A Massive Bust of Israeli Police
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.
A Criminal Ring of Investment Fraudsters
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.
Victims were lured in with promises of high returns. The fraudsters even presented falsified documents of the investment scams. However, in reality, the fraudsters never invested the collected proceeds from the investors. The fraudsters also transferred the victims' funds to bank accounts in Germany, the Czech Republic, and Hungary.
The German authorities were involved as they were the first to identify five groups that have been operating since 2018 and linked to the larger ring. The German investigators also collected testimonials from hundreds of victims.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Tickmill Introduces 3.5% Interest Rate on Unused Funds
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa