Twenty-six Israelis were arrested on Wednesday on suspicion of defrauding millions of shekels from dozens of victims around the world.
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The arrests were made possible following a joint effort by the Federal Bureau of Investigations and the Israel Police.
According to available details, the police investigation began following information provided by the FBI suggesting that a group of Israelis was defrauding dozens of people under the guise of foreign currency cryptocurrency transactions.
The victims reportedly lost tens of millions of shekels.
The Israelis are suspected of being part of a scheme disguised as cryptocurrency deals that defrauded millions of shekels from dozens of foreign citizens.
On Wednesday morning, police officers conducted multiple raids on locations in the greater Tel Aviv area and arrested the suspects.
The police also raided the Tel Aviv office from which the alleged scheme was carried out and seized computers and digital storage devices.
The two prime suspects, both in their 30s, were set to appear at Tel Aviv Magistrates' Court on Wednesday. The police are expected to ask the suspects to be remanded to custody.
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