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Israel arrests three persons in connection to int’l probe on crypto crimes

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Israel detained three individuals, on Monday, over suspicion of participating in a global cryptocurrency scam to launder tens of millions of shekels.

The arrests came as a result of months of clandestine investigations into “a complicated cryptocurrency structure” by the cybercrime section and tax authorities.

The police claimed that a number of suspects were systematically planning to use virtual currencies on various platforms to launder money from Israel and overseas, some of which had been acquired illegally, “in order to obfuscate and disguise the identities of the owners and the flow of the money.”

The investigation focused on a “huge fraud” against the French Finance Ministry committed from Israel, as well as the theft and laundering of millions of euros through the conversion of fiat currency into digital currency.

Read also:Binance CEO, Changpeng Zhao, warns of cryptocurrency risk, as investors lose $1.11 trillion

The investigation has revealed that the profit from the crypto currency trading were kept from Israeli tax authorities, with tax evasion charges totaling in the millions of shekels.

The three principle suspects were arrested by police and are suspected of money laundering, aggravated fraud and tax evasion.

Police will ask a magistrate court to remand them to custody.

More people were also detained for questioning.

The investigation is conducted with the cooperation of Interpol and the state prosecution’s international division.

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