Beitar Jerusalem Owner among the Suspects Arrested in Crypto Fraud Bust

A media outlet has revealed the name of one of the suspects arrested during a raid conducted on Thursday by the Israeli police in connection to cryptocurrency fraud. According to Calcalistech, Moshe Hogeg and the football club Beitar Jerusalem owner were among the arrested eight people in the bust.

The crypto entrepreneur is accused of having defrauded investors of tens of millions of dollars during the scheme. Moreover, he faces charges of Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term and sexual offenses. Other individuals arrested and allegedly part of the crypto fraud ring were Hogeg’s brother Oded, Avishai Ziv, Hogeg’s Singulariteam Venture Capital fund CEO, and Adi Sheleg.

As part of the police operation, the Israeli authorities raided the Beitar Jerusalem offices, searching for evidence for the case, which is being pursued against the crypto fraudsters.

“I’m forced to cancel today’s conference, apologies. It is all for the best,” Hogeg posted on his Facebook profile last Tuesday who was expected to speak at a conference today about NFTs.

Hogeg had faced several lawsuits over the last few years as he had been accused of wrongdoings among his crypto ventures, with a recent lawsuit filed before the Tel Aviv District Court that was seeking $5.5 million.

FC Barcelona, a major football club, recently signed a partnership with Hogeg related to NFTs offerings.

Suspects Are Set to Face Several Charges

As Finance Magnates reported, Israeli police raided the homes and businesses of the eight suspects. Additionally, the police confiscated documents and exhibits related to the investigation. According to their share of the proceeds, the suspects are said to have deceived investors of several cryptocurrency projects and are believed to have pocketed tens of millions of shekels each.

The suspects might face many charges that include offenses for receiving anything fraudulent under aggravated circumstances, theft by a licensee and conspiracy to commit a crime. In addition, they might be indicted under the Anti-Money Laundering Act and also for tax offenses.