Georgian law enforcement agencies have arrested 11 people suspected of organizing the laundering of large sums through cryptocurrencies. They managed to cash out more than 620,000 euros, as well as purchase cars and real estate.
The scheme was organized in the spring of 2019, and the initiator of the criminal group was an Israeli citizen. He recruited accomplices, and the group engaged in deceiving citizens of various states and embezzling their money. Then the money was laundered through cryptocurrencies and legalized. Cars and real estate purchased with criminal proceeds were seized, and the organizer’s account was also seized, where about 2 million lari ($580,000) was stored.
The investigation found that the organizers appealed to citizens of foreign countries, including Germany, Austria, China, the Netherlands and Norway, with an offer to buy cryptocurrencies. However, the money later ended up in the accounts of fraudsters.
The participants of the fraudulent scheme are charged under the article “illegal receipt-storage-use of personal data by an organized group, illegal appropriation of large sums of money belonging to foreign citizens, as well as legalization (laundering) of illegal income on a particularly large scale”. They face 9 to 12 years in prison.In mid — March, the organizers of an illegal cryptocurrency exchange were arrested in the United States- they provided services for exchanging fiat currency for crypto assets, and the exchange’s turnover exceeded $10 million.