Philippines authorities have arrested the mastermind of a Forex Scam who stole funds from thousands of German citizens. Reports revealed that Kfir Levy stole about €6.3 million from his victims via a forex and binary options fraud.
The Philippines authorities stated that Levy has been arrested for using his fraudulent scheme, G&E finances, to deceive and steal funds from his victims.
Levy was listed as the founder and Chief Executive Officer of the dubious scheme. A Bavarian district court in Germany issued an arrest warrant on the individual last year.
He operated the fraudulent scheme from his base in Sofia, Bulgaria. Levy was not alone in the fake network operations, as he involved other Israeli citizens as partners. The authorities stated that some Serbs and Russians were also involved in the scheme.
The Fraudster Operated With Sophisticated Call Centers
The authorities provided details on how Levy ran the fake scheme, stating that the individual launched an aggressive sales and advertising campaign for the scheme. He and his accomplices operated in Sofia using sophisticated call centers. They promised their victims high returns on their binary options and forex investments.
The investigation is still ongoing, as the authorities believe Levy could have received an excess of $200 million from the fraudulent scheme. Several other authorities are still investigating the individual’s case, including German and Austrian police. The result of the investigation will likely determine how the court will handle the individuals’ cases.
Levy Could Face Many Years In Prison
Reports reveal that majority of the victims are German citizens, and the Philippines is looking to extradite him to Germany. The authorities noted that he could be facing several years in German prison if he is convicted.
Gal Barak, one of Levy’s partners in the forex fraud scheme, has been previously convicted for a €2.5 million fraud. A court in Vienna sentenced him to four years in prison, but only served half of the terms before being released. He is likely to be put in jail for a longer-term this time if convicted.