Israeli Police Detain the Owner of Beitar Jerusalem and 7 Other Suspects in a Multimillion-Dollar Cryptocurrency Scam

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In Israel, eight people have been arrested as part of a crypto-fraud operation.

On Thursday, eight people were detained in Israel for having stolen tens of millions of shekels in a digital currency scam.

Agents from the police’s Lahav 433 anti-corruption squad searched the suspects’ residences and offices and made the arrests. In addition, they collected evidence and seized investigation-related things. According to the authorities, the inquiry lasted several months and discovered possible money laundering and tax violations.

One of the suspects is Moshe Hogeg, the owner of Beitar Jerusalem Football Club, an Israeli professional soccer club that competes in the Israeli Premier League.

As per the police, the suspects engaged in a systematic digital currency fraud scam over a long period. The police stated they stole millions of shekels while presenting misleading presentations to potential investors to participate in supposedly promising companies, adding that they cheated investors in many cryptocurrency schemes.

Besides digital currency fraud, Hogeg is suspected of sexual offenses, according to authorities. Hogeg has refuted both charges.

Former workers of an Israeli venture capital fund accused Hogeg and others in May, alleging that three of Israel’s largest initial coin offerings (ICOs) in 2017 and 2018 were outright hoaxes. The three initial coin offerings (ICOs) conducted by Sirin Labs, Stx Technologies Ltd. (Stox), and Leadcoin raised a total of $250 million from investors around the world.

Hogeg’s lawyers, Moshe Mazor and Amit Hadad stated Thursday that their client strongly denied the allegations against him and cooperated with investigators. However, they went on to say that it will be obvious that the claims against him are without validity after the investigation.

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