The Hungarian police on Wednesday declared that they busted an international money-laundering ring based in Hungary led by an Israeli man that specialised in cheating people in dozens of countries through online investment frauds.
According to the country’s police spokesman, Peter Farkas, no fewer than 44 million euros ($47 million) were transferred from some 94 companies set up by the gang.
The gang was led by a 48-year-old Israeli man living in Hungary, one of five suspects arrested during coordinated raids on May 9 across Hungary.
The fraud schemes were typically online and related to so-called “account-switching” and cryptocurrency investments, said Farkas, speaking at a press conference where seized phones, laptops and some 250 SIM cards were on display.
Cars and jewellery were also seized.
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“Investments with good returns were promised to people who then transferred monies to over 400 fraudulent bank accounts,” he said.
The money was “quickly transferred onward”, mainly to countries east of Hungary, said Farkas, without specifying where.
Police have so far recovered some 1.8 million euros from the 44 million euros, he added.
In a related development, a coordinated crack operation which involved officials of the International Police (INTERPOL) and some local security forces, three Nigerians have been nabbed over alleged global scam.
The trio were arrested in a sting operation conducted simultaneously in a Lagos suburb, Ajegunle and in Benin City, 300 km to the East of the commercial capital.
One of the scammers, Hendrix Omorume has been charged and convicted and now faces a 12-month prison sentence.
The three men, aged between 31 and 38, were each arrested in possession of fake documents, including fraudulent invoices and forged official letters.
The investigation was conducted in conjunction with the Economic and Financial Crimes Commission (EFCC).
The operation is part of a global operation codenamed “Killer Bee” involving INTERPOL National Central Bureaus (NCBs) and law enforcement in 11 countries across Southeast Asia.
