Israeli citizens charged in cryptocurrency fraud scheme in Georgia

  • Two Israeli citizens have been charged in a cryptocurrency fraud scheme in which they misappropriated a total of €159,905 from French citizens. Photo: Nino Alavidze/Agenda.ge.

Agenda.ge, 10 Jun 2021 - 16:37, Tbilisi,Georgia

Two Israeli citizens have been charged in a cryptocurrency fraud scheme in which they misappropriated a total of €159,905 from French citizens, announces the Prosecutor’s Office of Georgia.

The investigation found that in order to misappropriate funds from non-resident individuals, M.K. established a legal entity in Georgia with a similar name of a foreign enterprise. 

The Prosecutor’s Office of Georgia states that two Israeli citizens 'along with other members of a criminal group' persuaded four French citizens through telephone communication to invest in cryptocurrency trading.

Between March 21, 2018 and April 27, 2018, French citizens transferred a total of €159,905 onto the account of the enterprise founded by Israeli citizens. Later one of the members of the criminal group transferred the mentioned amount of money from his personal bank account to family members in Israel.

Through these actions, M.K. and D.K. legalised a total of €73,995 and $13,100 in illegal income", said the Prosecutor Office of Georgia.

The crime is punishable by nine to 12 years in prison.

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