Israel arrests suspects over stolen millions in crypto fraud against French treasury

Several suspects have been detained in Israel in connection with a multi-million cryptocurrency laundering scheme to defraud the French treasury.

Israeli police have arrested several suspects believed to have been involved in multi-million crypto currency fraud against the French treasury. Photo: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken 8 January, 2021. REUTERS - DADO RUVIC

According to a statement released by Israeli police this Monday, the investigation focused "on the suspicion of a large-scale fraud against the state treasury in France that was carried out from Israel." 

The fraud allegedly involved the theft of millions of shekels "and the laundering of the funds by converting them to cryptocurrency," the police added.

Israelis suspected of laundering millions through crypto after defrauding French state treasury. Undercover investigation in cooperation with Europol & the French police, 3 people were arrested suspected of stealing & laundering tens of millions of shekels https://t.co/T4EYgg1PlJ

— CTech (@Calcalistech) August 15, 2022

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Three people have been arrested and others have been detained for questioning on suspicion of money laundering and tax offences, according to the police, who did not detail the suspects' identities.

The investigation was conducted in cooperation with Europe's law enforcement agency Europol, French police, the Israeli Tax Authority, and the Cyber Unit at the Office of the State Attorney in Israel.