A recent joint operation by law enforcement authorities in several countries, with support from Europol, has led to the arrest of eight suspects involved in a large-scale CEO fraud scheme. The criminal network was comprised of French and Israeli nationals, who targeted companies located in France. Their modus operandi involved impersonating the CEO of the targeted company and asking for an urgent and confidential transfer of funds. In total, they defrauded one company of almost EUR 38 million in just a few days.
The suspects laundered the proceeds of their crimes through a pre-existing money laundering scheme that involved multiple bank accounts in the EU, China, and Israel. However, the joint investigation resulted in the seizure of about EUR 5.5 million, including electronic equipment and vehicles, and funds held in Portuguese, Hungarian, Croatian, and Spanish bank accounts, as well as virtual currencies.
The operation was led by France and involved law enforcement agencies from Croatia, Hungary, Israel, Portugal, and Spain. The investigation led to five action days between January 2022 and January 2023 in France and Israel. The international cooperation facilitated by Europol played a significant role in the success of the operation.
Europol’s role in tracing money movements was also crucial in identifying links between countries, which enabled the seizure of criminal assets before the suspects could launder them. Europol provided specialized analytical support, including financial and cryptocurrency analysis and expertise, to facilitate the exchange of information between law enforcement agencies in different countries.
This operation highlights the importance of international cooperation in combatting economic and financial crimes. The creation of the European Financial and Economic Crime Centre (EFECC) by Europol in 2020 is a significant step towards increasing synergies between economic and financial investigations and strengthening law enforcement’s ability to combat major criminal threats.
In conclusion, the success of this operation shows that joint investigations and international cooperation are essential in combatting complex criminal networks engaged in financial crimes. Europol’s support in tracing money movements and providing specialized analytical support plays a crucial role in identifying links between countries and seizing criminal assets.
More details on https://www.europol.europa.eu/media-press/newsroom/news/franco-israeli-gang-behind-eur-38-million-ceo-fraud-busted