France and Belgium authorities have arrested an Israel-based organized criminal group that allegedly scammed 6 million Euros ($6.6 million) through an elaborate crypto scam. The scammers managed to convince 85 investors from these two countries to invest in their crypto scam.

The authorities claimed these scammers used elaborate tactics to dupe the investors, by running a classic con game. Early victims were paid small profits in order to convince them to recruit more new investors or invest more money.

The victims were promised massive returns of up to 35% on their investments. Some of the funds from the new investors were used to pay back other old investors in a Ponzi-like style.

Earlier this month, France and Luxembourg authorities also busted four scammers in France and seized 1 million Euros. The payments received from the investors were transferred to bank accounts of fake companies that the scammers had set up. The proceeds were transferred from bank accounts in the European Union to accounts set up in Turkey and many other Asian countries.

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