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Crypto Currently

Israel arrests suspects in crypto fraud against French treasury

Agence France-Presse
Israel arrests suspects in crypto fraud against French treasury
MIAMI, FLORIDA - MAY 12: A cryptocurrency ATM setup in a convenience store on May 12, 2022 in Miami, Florida. Prices of cryptocurrencies have experienced turbulence recently as many have seen their value drop.
JOE RAEDLE / GETTY IMAGES NORTH AMERICA / Getty Images via AFP

JERUSALEM — Several suspects have been detained in Israel in connection with a multi-million dollar cryptocurrency money laundering scheme to defraud the French treasury, police said on Monday.

Investigation focused "on the suspicion of a large-scale fraud against the state treasury in France that was carried out from Israel," an Israeli police statement said.

It allegedly involved the theft of millions of shekels "and the laundering of the funds by converting them to cryptocurrency," the statement said.

Three people were arrested and others were detained for questioning on suspicion of money laundering and tax offences, according to the police, who did not detail the suspects' identities.

The investigation was conducted in cooperation with Europe's law enforcement agency Europol, French police, the Israeli Tax Authority, and the Cyber Unit at the Office of the State Attorney in Israel.

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