Hungarian police busted an international money-laundering ring based in Hungary earlier this month that was led by an Israeli man that cheated people in dozens of countries through online investment frauds, police said Monday.
Around 44 million euros ($47 million) were transferred from some 94 companies set up by the gang, police spokesman Peter Farkas told reporters in Budapest.
The gang was led by a 48-year-old Israeli man living in Hungary, one of five suspects arrested during coordinated raids on May 9 across Hungary.
The fraud schemes were typically online and related to so-called “account-switching” and cryptocurrency investments, said Farkas, speaking at a press conference where seized phones, laptops and some 250 SIM cards were on display.
Cars and jewelry were also confiscated.
Get The Times of Israel's Daily Edition
by email and never miss our top stories
By signing up, you agree to the
terms
“Investments with good returns were promised to people who then transferred monies to over 400 fraudulent bank accounts,” he said.
The money was “quickly transferred onward,” mainly to countries east of Hungary, said Farkas, without specifying where.
Police have so far recovered some 1.8 million euros ($1.94 million) from the 44 million euros, he added.
Responsibly covering this tumultuous time
As The Times of Israel’s political correspondent, I spend my days in the Knesset trenches, speaking with politicians and advisers to understand their plans, goals and motivations.
I'm proud of our coverage of this government's plans to overhaul the judiciary, including the political and social discontent that underpins the proposed changes and the intense public backlash against the shakeup.
Your support through The Times of Israel Community helps us continue to keep readers across the world properly informed during this tumultuous time. Have you appreciated our coverage in past months? If so, please join the ToI Community today.
~ Carrie Keller-Lynn, Political Correspondent
Yes, I'll join
Yes, I'll join
Already a member? Sign in to stop seeing this
You're a dedicated reader
We’re really pleased that you’ve read X Times of Israel articles in the past month.
That’s why we started the Times of Israel eleven years ago - to provide discerning readers like you with must-read coverage of Israel and the Jewish world.
So now we have a request. Unlike other news outlets, we haven’t put up a paywall. But as the journalism we do is costly, we invite readers for whom The Times of Israel has become important to help support our work by joining The Times of Israel Community.
For as little as $6 a month you can help support our quality journalism while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to Times of Israel Community members.
Thank you,
David Horovitz, Founding Editor of The Times of Israel
Join Our Community
Join Our Community
Already a member? Sign in to stop seeing this