According to Bloomberg's report, Israeli police have accused Israeli businessman Moshe Hogeg and his associates of defrauding investors $290 million through cryptocurrencies.
The charges brought against Moshe Hogeg include theft, money laundering, forgery and tax crimes, apart from fraud.
Israeli police announced today that former owner of the Israeli Premier League football team Moshe Hogeg has been charged with cryptocurrency fraud, theft, money laundering, fraud and tax crimes after a two-year investigation.
At this point, Moshe Hogeg and his associates are accused of defrauding investors of $290 million via cryptocurrencies.
In the statement, it was stated that Hogeg and several unnamed partners used the millions of dollars raised for four altcoin ventures from Israeli and foreign investors in 2017 and 2018 for personal needs.
Police said they have questioned about 180 people involved, conducted dozens of searches and confiscated 900 pieces of evidence, money and property in several countries since the investigation began in 2021.
The police added that the charges against Hogeg and his associates were sent to the prosecutor's office for review.
Hogeg was arrested along with seven others in 2021 but was later released under house arrest.
*Not investment advice.