A trial began this week in Nancy, France, over a massive cryptocurrency fraud involving more than 28 million euros ($30 million) in stolen funds. The trial is expected to last a month.
More than 20 defendants are involved in the scheme, which targeted soccer clubs and individual investors, according to AFP news agency and local media reports.
Most of the cases center around fake investments in diamonds and cryptocurrencies, with victims including prominent football clubs such as Sochaux, Angers and Toulouse. The trial had to be moved to the conference center due to the large number of plaintiffs, but was called a “red card” due to the involvement of the football club.
Cryptocurrency scam details
According to reports, the defendants allegedly orchestrated a cryptocurrency fraud operation between 2016 and 2018, luring more than 1,300 individuals with fake websites and promises of high profits.
Some victims reportedly invested most of their savings and lost €400,000 in the so-called “Diamond Savings Plan”.
The scam also spread to football clubs, with scammers posing as players’ agents and convincing clubs to transfer their salaries to new accounts controlled by criminals.
According to AFP news agency, both clubs were defrauded of a total of around 60,000 euros ($64,800).
About 850 of the victims will take part in the lawsuit, which is expected to last four weeks. The fraudsters are suspected of opening 199 bank accounts in 19 countries to launder the stolen funds, complicating efforts to recover them.
So far, authorities have recovered 2.8 million euros, which may be used to compensate some victims.
Prosecutors claim the defendants were part of an organized network operating outside Israel and targeting elderly and vulnerable people.
Charges include criminal conspiracy and gang fraud, with some defendants accused of creating fake websites and others allegedly helping funnel stolen funds to various accounts. be done.
