Nicholet R.Israeli police arrested five suspects on November 11 in an investigation into an alleged NIS 16 million cryptocurrency trading and money laundering scheme operated through a WhatsApp group. Investigators from Lahav 433’s National Unit for Combating Economic Crime said the suspects allegedly facilitated crypto trades worth hundreds of thousands of shekels without required permits or tax reporting. The case centers on suspected unlicensed financial activity and efforts to conceal the origin of funds.
Police allege the group used sophisticated methods to move proceeds from cryptocurrency transactions into legitimate bank accounts while presenting the transfers as loans. Investigators said loan agreements were allegedly created to disguise the true nature of the payments. Searches of the suspects’ homes resulted in the seizure of wallets, computers and tens of thousands of shekels in cash. The suspects were questioned over suspected money laundering, providing financial asset services without a permit and obtaining something by fraudulent means, highlighting broader crypto scam risks.
The investigation remains ongoing, and the allegations have not been proven in court. Police said they expect the probe to expand, with additional individuals likely to be questioned. The next development to watch is whether prosecutors bring formal charges and whether authorities identify further transactions or participants connected to the alleged network.
Source: The Jerusalem Post.
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