An Israeli man was arrested at Rome airport after Interpol issued a warrant over his alleged role in a €50 million forex and cryptocurrency scam that defrauded German investors and possibly others across Europe.

Italian police detained the man, in his 30s, during a routine passport check as he prepared to board a flight for vacation and business meetings, Israeli media outlet Mako reported, as translated into English. Authorities acted on an Interpol warrant issued at Germany’s request, accusing him of involvement in the forex and cryptocurrency scam that defrauded investors across Europe.

Interpol Warrant and German Investigation

The arrest followed months of coordination between Interpol and German law enforcement agencies investigating a network of fraudulent online investment schemes.

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According to investigators, the scams targeted German citizens and possibly victims in Austria and Switzerland through fake forex and crypto platforms. A source familiar with the case said the suspect was unaware of the warrant when police detained him.

Information obtained by Israeli media outlet mako suggests the suspect works for a large Israeli company headquartered in Cyprus. The firm reportedly operates in Western Europe, including Germany, Austria, and Switzerland - regions heavily affected by the scam.

His detention could lead to additional arrests among company executives and employees suspected of participating in the scheme.

Legal Proceedings in Italy

The man appeared before a court in Rome on Tuesday. His attorneys, Sagiv and Nir Rotenberg, who specialize in international law and extradition cases, successfully argued for his release under house arrest pending an extradition hearing. Italian authorities have barred him from leaving the country until the court rules on Germany’s extradition request.

As the investigation expands, European authorities are expected to examine the company’s operations and financial records closely. The case underscores ongoing efforts by EU member states and Interpol to crack down on large-scale investment frauds exploiting the booming retail crypto and forex markets.

Expect ongoing updates as this story evolves.

Source: Finance Magnates