In a major crackdown against investment fraud, the cyber unit of Israel Police's Lahav 433 arrested six suspects and detained several others, who allegedly defrauded investors online and provided digital infrastructure to other criminal organizations. The scale of the scams was massive as it is suspected that they provided infrastructure for fraudulent offenses to hundreds of forex offices globally and siphoned off tens of millions of euros, according to Israeli news outlet Posta.
A Massive Bust of Israeli Police
The raids and arrests by the Israeli police followed an investigation by German authorities against the fraudulent ring.
According to Posta, Despite the six arrests, Jeremy Katlan, also known as Roni Hajjaj, who is allegedly the head of the criminal network, managed to escape abroad. The latest arrests by Israeli authorities from the forex office in Ramat Gan include a family member of Katlan, who is suspected to be managing the venue jointly. The CEO of that office was also arrested.
A Criminal Ring of Investment Fraudsters
The suspects allegedly contacted victims globally through sales representatives, who presented themselves as traders of forex, cryptocurrencies, and other financial instruments. They even operated fraudulent call centers in Bulgaria, Serbia, Ukraine, Georgia, Israel, and Kosovo.
Victims were lured in with promises of high returns. The fraudsters even presented falsified documents of the investment scams. However, in reality, the fraudsters never invested the collected proceeds from the investors. The fraudsters also transferred the victims' funds to bank accounts in Germany, the Czech Republic, and Hungary.
The German authorities were involved as they were the first to identify five groups that have been operating since 2018 and linked to the larger ring. The German investigators also collected testimonials from hundreds of victims.
In a major crackdown against investment fraud, the cyber unit of Israel Police's Lahav 433 arrested six suspects and detained several others, who allegedly defrauded investors online and provided digital infrastructure to other criminal organizations. The scale of the scams was massive as it is suspected that they provided infrastructure for fraudulent offenses to hundreds of forex offices globally and siphoned off tens of millions of euros, according to Israeli news outlet Posta.
A Massive Bust of Israeli Police
The raids and arrests by the Israeli police followed an investigation by German authorities against the fraudulent ring.
According to Posta, Despite the six arrests, Jeremy Katlan, also known as Roni Hajjaj, who is allegedly the head of the criminal network, managed to escape abroad. The latest arrests by Israeli authorities from the forex office in Ramat Gan include a family member of Katlan, who is suspected to be managing the venue jointly. The CEO of that office was also arrested.
A Criminal Ring of Investment Fraudsters
The suspects allegedly contacted victims globally through sales representatives, who presented themselves as traders of forex, cryptocurrencies, and other financial instruments. They even operated fraudulent call centers in Bulgaria, Serbia, Ukraine, Georgia, Israel, and Kosovo.
Victims were lured in with promises of high returns. The fraudsters even presented falsified documents of the investment scams. However, in reality, the fraudsters never invested the collected proceeds from the investors. The fraudsters also transferred the victims' funds to bank accounts in Germany, the Czech Republic, and Hungary.
The German authorities were involved as they were the first to identify five groups that have been operating since 2018 and linked to the larger ring. The German investigators also collected testimonials from hundreds of victims.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Weak Dollar Pushes US Forex Deposits to Lowest Levels in 2024
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
π₯Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
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Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
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π₯Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 β the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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Welcome to FMLS:24 β the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 β the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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Welcome to FMLS:24 β the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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