Israeli Police Arrest 5 in $5 Million WhatsApp Crypto Money-Laundering Case
Cointime reports that Israeli police arrested five people on the morning of November 10, accusing them of operating an unlicensed crypto trading network through WhatsApp groups, involving about 16 million shekels (approximately $5 million). The police’s National Economic Crime Unit said the five were partners who each played a role, and that none held a license or reported the activity to the Tax Authority. Police also suspect that they transferred trading proceeds directly into bank accounts and disguised them as loans using fictitious loan agreements. Searches uncovered crypto wallets, computers, and tens of thousands of shekels in cash. The five were questioned on suspicion of violating the Prohibition on Money Laundering Law, providing financial asset services without a license, and fraudulently obtaining property. Police expect the investigation to expand.
Cointime reports that Israeli police arrested five people on the morning of November 10, accusing them of operating an unlicensed crypto trading network through WhatsApp groups, involving about 16 million shekels (approximately $5 million). The police’s National Economic Crime Unit said the five were partners who each played a role, and that none held a license or reported the activity to the Tax Authority. Police also suspect that they transferred trading proceeds directly into bank accounts and disguised them as loans using fictitious loan agreements. Searches uncovered crypto wallets, computers, and tens of thousands of shekels in cash. The five were questioned on suspicion of violating the Prohibition on Money Laundering Law, providing financial asset services without a license, and fraudulently obtaining property. Police expect the investigation to expand.