Live Update 
From the Liveblog of
Monday, May 30, 2022
From the Liveblog of
Monday, May 30, 2022
Hungary busts Israeli-led money-laundering and fraud ring
Add ToI as a Preferred Source on GoogleHungarian police say they busted an international money-laundering ring based in Hungary led by an Israeli man that cheated people in dozens of countries through online investment frauds.
Around 44 million euros ($47 million) were transferred from some 94 companies set up by the gang, police spokesman Peter Farkas tells 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, says Farkas, speaking at a press conference where seized phones, laptops and some 250 SIM cards were on display.
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