Illustration: man in handcuffs after his arrest by police
Illustration: man in handcuffs after his arrest by police
Photo: Shutterstock
Bitcoin digital currency

Israel frees all suspects in forex fraud case probed by FBI

Authorities set free last two men detained last week on suspicion of enticing unsuspecting people to invest in digital currency, allegedly promising substantial returns and then vanishing; court says no evidence presented by police

Eli Senyor |
Published: 10.12.21, 15:09
The Israeli court on Tuesday ordered to free the remaining suspects accused of defrauding dozens of victims around the world, in a case that was probed by the FBI.
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  • Members of the Lahav 433 fraud unit last week raided a company that deals in virtual currency trading located in Tel Aviv and arrested 26 workers on suspicion of committing fraud and money laundering offenses under the guise of foreign exchange (Forex) in digital currencies, amounting to tens of millions of shekels.
    2 צפייה בגלריה
    Bitcoin digital currency
    Bitcoin digital currency
    Bitcoin digital currency
    (Photo: Shutterstock)
    According to investigators, the suspects enticed unsuspecting victims to invest their funds, promising substantial returns. After a relatively small amount of money was invested, and investors saw financial gains, they transferred larger amounts of their savings to the suspects. But after the money changed hands, the fraudsters disappeared.
    The arrests came following a tip from the FBI, which has been investigating the affair for several months.
    Police confiscated computers and other materials pertinent to the investigation.
    2 צפייה בגלריה
    Illustration: man in handcuffs after his arrest by police
    Illustration: man in handcuffs after his arrest by police
    Illustration: man in handcuffs after his arrest by police
    (Photo: Shutterstock)
    But, all but two suspects were released soon after their arrest and the remaining men were set free after both - magistrate and district court - ruled there was not enough evidence to keep them in custody.
    Lawyers for the suspects slammed the police, claiming their clients were detained without cause.
    Attorney Eyal Ohayon said his clients' arrest, which was not based on any pertinent evidence, caused harm to his good name.

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