Forex, diamonds, Bitcoin: French criminal networks in Israel under investigation

At the request of French law enforcement, Tel Aviv police have detained four French immigrants suspected of defrauding investors of over €3 million ($3.1 million). 

The arrests were carried out as part of a broader investigation led by French police and Europol, the European Union’s law enforcement agency.

The four suspects, all residents of Tel Aviv, are accused of fraud and money laundering. During a search of one of the suspects’ homes, Israeli police officers discovered NIS 500,000 ($140,000) in cash, comprising both shekels and euros.

An Israel Police spokesperson confirmed that the arrests are linked to an ongoing European investigation, with authorities determined to dismantle fraud networks operating across borders.

A History of Financial Scams

For years, numerous French nationals living in Israel have been involved in various fraudulent schemes, targeting individuals and businesses in France. These scams have ranged from Forex trading scams to fraudulent diamond and cryptocurrency investment schemes.

Previously, Israeli law enforcement was criticized for inaction, allowing fraudulent activities to flourish. However, in recent years, Israel has strengthened cooperation with French authorities, leading to more arrests and increased investigations into financial crimes.

The close collaboration between Israeli and French police marks a significant shift in tackling cross-border financial crimes. As fraud cases involving Israeli-based French criminals continue to emerge, authorities in both countries are intensifying efforts to identify, track, and prosecute those responsible.

This latest operation underscores a broader crackdown on financial fraud schemes, sending a strong message that international cooperation is key in combating white-collar crime.