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3 Israelis arrested for links to Forex fraud, face extradition to Italy

Italy seeks extradition of 3 Israelis suspected of Forex fraud. The three men could be prosecuted for allegedly running a criminal organization, illegal financial activity, money laundering and aggravated fraud.

The arrest came after an extensive international investigation. The 3 Israelis allegedly held senior positions in a company that defrauded many Italian citizens as well as other countries

The men were arrested on June 15, 2022 by the Tel Aviv District Fraud Division following the issuance of an arrest warrant.

The men arrested are according to local reports are:

Daniel Cohen (41)
Amos Barzilai (66)
Daniel Cordian (38)

Daniel Cohen’s father, Aber Cohen (83) was arrested in Italy several months ago. He is currently staying at a hotel in Rome with an ankle bracelet according to reports.

Allegations of Forex Fraud

The three men are suspected of having operated a network of Italian sites which seem to only offer exchanges of financial products. The call center was based in Poland.

The sellers promised high returns for the investors when in fact no investment was made with the allegedly invested capital. Investors were attracted by the high returns promised to them.

According to complaints received in Italy, investors were having difficulty withdrawing their funds. Some would have been asked to wait between 20 and 25 days. Others were ordered to send a tax payment to release the funds.

The money that has been raised for investors in Italy alone is expected to be at least €12m. The funds were channeled through various banks in different countries using shell companies.

The front companies were located in Poland, Czech Republic, Bulgaria, Georgia, Seychelles and Vanuatu.

The companies operated in Italy without a license required. It has been estimated that the total amount that was transferred via the banks is around 35 million euros.

1.5 million euros were transferred to an Israeli company, the shareholders of the Israeli company were the arrested men.

The joint investigation between Italy and Poland began in 2019. Investigators were able to trace the Polish company that operated the call center. Israel joined the investigation at a later stage.

Israel has cracked down heavily on financial crimes. Last month, 3 Israeli citizens were charged with money laundering, tax evasion and investment fraud.

Italy seeks extradition of 3 Israelis suspected of Forex fraud. The three men could be prosecuted for allegedly running a criminal organization, illegal financial activity, money laundering and aggravated fraud.

The arrest came after an extensive international investigation. The 3 Israelis allegedly held senior positions in a company that defrauded many Italian citizens as well as other countries

The men were arrested on June 15, 2022 by the Tel Aviv District Fraud Division following the issuance of an arrest warrant.

The men arrested are according to local reports are:

Daniel Cohen (41)
Amos Barzilai (66)
Daniel Cordian (38)

Daniel Cohen’s father, Aber Cohen (83) was arrested in Italy several months ago. He is currently staying at a hotel in Rome with an ankle bracelet according to reports.

Allegations of Forex Fraud

The three men are suspected of having operated a network of Italian sites which seem to only offer exchanges of financial products. The call center was based in Poland.

The sellers promised high returns for the investors when in fact no investment was made with the allegedly invested capital. Investors were attracted by the high returns promised to them.

According to complaints received in Italy, investors were having difficulty withdrawing their funds. Some would have been asked to wait between 20 and 25 days. Others were ordered to send a tax payment to release the funds.

The money that has been raised for investors in Italy alone is expected to be at least €12m. The funds were channeled through various banks in different countries using shell companies.

The front companies were located in Poland, Czech Republic, Bulgaria, Georgia, Seychelles and Vanuatu.

The companies operated in Italy without a license required. It has been estimated that the total amount that was transferred via the banks is around 35 million euros.

1.5 million euros were transferred to an Israeli company, the shareholders of the Israeli company were the arrested men.

The joint investigation between Italy and Poland began in 2019. Investigators were able to trace the Polish company that operated the call center. Israel joined the investigation at a later stage.

Israel has cracked down heavily on financial crimes. Last month, 3 Israeli citizens were charged with money laundering, tax evasion and investment fraud.

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