Six suspects have been arrested following a coordinated operation targeting an organized crime group behind a multi-million-euro investment fraud and money laundering scheme.

The operation, which took place in the early hours of January 27, was carried out by law enforcement authorities in France, Spain and Israel, with support from Europol and judicial authorities.

International fraud scheme

The investigation began after a French citizen was deceived between April and May 2022, believing he was making substantial investments in renewable energy contracts. The suspects maintained regular contact with the victim, persuading him to transfer large sums of money to company bank accounts both inside and outside the EU.

To reinforce the illusion of a legitimate investment, the fraudsters returned small amounts of money, falsely presenting them as interest payments – a common tactic used to build trust before stealing larger sums.

When the victim realized they had been scammed, they reported the fraud to the French Gendarmerie, triggering a major international investigation.

Global police cooperation

Led by the French Gendarmerie, under the guidance of the Annecy Judicial Court, the investigation uncovered a sophisticated criminal infrastructure. Investigators traced both the technical and financial networks used by the fraudsters, identifying additional victims who had suffered significant financial losses.

Europol facilitated analysis and operational meetings between investigators from different countries, ensuring a coordinated international response. This work led to simultaneous police actions across France, Spain and Israel.

On day of operation

France: Europol deployed a case analyst to the coordination center to assist with real-time intelligence checks.

Israel: Two French Gendarmerie officers, a French investigative judge and a Europol officer took part in searches and coordination efforts on the ground

Spain: The National Police carried out enforcement actions against the suspects.

During the action day, EUR 133,800 worth of cash in various currencies was seized in Israel along with expensive watches. 

To date, French investigators have recovered approximately EUR 450,000. Investigations remain ongoing to identify further suspects and trace additional financial losses.

Photo credit: iStock/ronstik