Sunday, March 12, 2023


A sophisticated Israeli criminal network that defrauded French companies through impersonation, and which stole over $40m, has been terminated by EUROPOL. Seizures of bank accounts totalling the equivalent of USD$6m, and the arrest of eight suspects, including two in Israel believed to have supervised the operation, has shut down the operation.

The defendants, posing as the CEO of a French company, and as attorneys acting as consultants for a well-known French accounting firm,  convinced the victims that they were genuine, and tricked them into transferring millions, by company officials who believed the funds transfer requests were bona fide and authorized. Accounts and assets, located in Portugal, Hungary, Croatia and Spain were seized.

The funds taken were rapidly transferred throughout Europe and them to China, and on finally to Israel. Impersonation schemes are n the rise, reminding all company officials to confirm any and all information that they receive regarding orders to transfer funds through methods outside the Internet, where slightly altered email addresses deceive the recipients into believing that they are dealing with company officers, when in truth and in fact they are corresponding with fraudsters.

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