A Europol-coordinated law enforcement operation has resulted in the takedown of a cyber crime group that defrauded companies of millions of euros through a large-scale CEO fraud scheme.
The operation that involved French, Croatian, Hungarian, Portuguese, Spanish, and Israeli law enforcement agencies took place between January 2022 and January 2023 in France and Israel.
The criminal network, comprised of French and Israeli nationals, targeted companies located in France. In one case the gang tricked a French company into making a €300,000 transfer by posing as a firm’s CEO, and in another instance the fraudsters managed to steal €38 million within a few days from a Paris-based real estate developer.
The stolen money was then laundered through bank accounts in the EU, China, and Israel.
The police arrested eight suspects in France and Israel, including the gang’s alleged leader. The authorities also seized electronic equipment and vehicles, about €3 million from Portuguese bank accounts, €1.1 million from Hungarian bank accounts, €600 000 from Croatian bank accounts, €400 000 from Spanish bank accounts, €350 000 in cryptocurrencies.