A Jerusalem court has unsealed the names of the alleged four people that were involved in Forex fraud and arrested during raids in October in Tel Aviv. According to The Times of Israel, Pavel Kotler, 47, of Holon; Yuri Dashevsky, 33, of Kfar Saba; Nimrod Blachman, 33, hometown unknown; and Chen Malka, 31, of Tel Aviv have been considered suspicious of running binary options, forex and cryptocurrency fraud that targeted German citizens.
That said, authorities from Germany are seeking their extradition to face criminal charges. The individuals were arrested in a raid pursued by the Israeli police on October 20 in a Call Center located in Petah Tikva, with cooperation and assistance from the German and US authorities.
The four suspects’ lawyers initially requested the Jerusalem Magistrate’s Court to keep their names secret, but today, the order had been lifted. They are accused of allegedly operating the websites IntegraOption, SolidCFD, TradeSolid, BitCapitalMarkets, GetFinancial, ProCapitalMarkets, NordCapitalMarkets, ProfitsTrade, FXPace, AccepTrade and GainFinTech responsible for scamming German citizens from 2015 to 2019.
Law enforcement said that the scheme did not operate only from Israel but also from Georgia, Armenia and Moldova. The alleged scammers also created a bogus website that offered fake legal assistance to victims of their own scam under the brands ‘FXLaws’ and ‘Tradelegal’. Prosecutors from Bamberg, Germany stated that several Germans lost ‘millions of euros’.
Recent Police Operations against Forex Fraud
This is part of the recent massive operations pursued by the Israeli police against forex and binary options scams.
Early in October, in a joint operation, the Federal Bureau of Investigation (FBI) and the Israeli Police raided a Tel Aviv-based company. They arrested 26 Israelis for their suspected involvement in running organized financial fraud. Authorities said that they were suspected to be part of a fraudulent cryptocurrency investment scheme.
The bust was conducted after a joint investigation of the United States and Israeli authorities as the scheme targeted residents in the US. The American authorities led the investigation.
