JERUSALEM (VINnews) — Israeli police arrested five people on suspicion of having carried out an international fraud operation in which dozens of investors from Israel and abroad were defrauded of approximately NIS 120 million, according to a Jerusalem Post report Monday.
Join our WhatsApp groupSubscribe to our Daily Roundup Email
The arrests were the result of a year-long undercover investigation carried out by the National Fraud Investigation Unit in collaboration with the Official Receiver’s department at the Justice Ministry, the Tel Aviv Tax Authority and the Israel Money Laundering and Terror Financing Prohibition Authority.
Alleged evidence of money laundering offenses, tax offenses, false registration of corporate documentation, offenses under VAT law, insolvency law and obstruction of justice was collected during the investigation.
On Monday morning, police officers from the National Fraud Investigation Unit raided the homes of the five suspects and arrested them, seizing evidence which is relevant to the investigation.
The investigation material so far shows that the suspects created a false presentation that they showed to investors, regarding “innovative and groundbreaking technology,” which they promised was in the final stages of development, with potential for sales and large profit.
The suspects then transferred the investors’ money to various bank accounts through several false fronts in Israel and abroad, laundering the money and using it for their personal needs.
According to Hebrew media reports, one of the suspects is the son of a former IDF Chief of Staff.
The guilible will continue to be gullible. My only question is, why/how do these loh yutzlach’s always manage to get money to waste, when the average hard working guy doesn’t?
Israel has this reputation as this innovating tech start up feel. They point to sucsses like whats app etc. No surprises that it lends itself to fraud
No names? Who would be foolish enough to “invest” with these crooks ?