The finance world is filled with scammers and fraudsters, especially when it comes to the crypto industry. Too often, the scammers manage to get away with it and avoid responsibility, so when authorities manage to catch a group responsible for a major scam that affected a lot of people, that is usually a very positive development.
About a week ago, for example, Cypriot authorities arrested 26 Israelis suspected of being involved in a forex/crypto scam. Now, however, reports revealed that the arrested individuals were released without any preconditions.
The original arrests were made thanks to a joint operation conducted by the US FBI and Israeli police, with the FBI leading the operation. The suspected individuals were presumably tied to a fraud ring that scammed people throughout Ukraine and South Africa.
The Cypriot authorities did, however, make one new arrest which came at the request of the FBI, according to local reports. The report did not confirm the number of arrests made on the Mediterranean island, but it did speculate that it might be connected to the previous arrests.
The details remain scarce
Interestingly, the police only revealed the names of two individuals of the 26 that were arrested. One is Snir Moshe Hananya, and the other is Guy Grinberg. Their names were mentioned in the official complaint, and they were brought to court.
Grinberg is known as an Israeli businessman and entrepreneur, while Hananya remains largely unknown, despite his name surfacing. The suspects were accused of running an investment fraud racket, for which they were arrested after hours of raids in a Tel Aviv-based office premise.
Other than the two names, the police was rather careful not to let any other details known, including the name of the company to which the arrested individuals belonged to.