French and Belgium authorities arrested 10 suspects who allegedly defrauded victims of €6 million (US $6.6 million) by selling bitcoins and other crypto-currencies, Europol announced Wednesday.

The criminal group, active in Belgium and France and controlled by Israeli branch, promised victims big profit on investments in bitcoin, gold and diamonds. They offered their financial services on online platforms through false companies. 

Victims, more than 85 people in Belgium and France, were promised a return on their investment of 5-35%. The group cultivated the trust of investors by sending them small gains on their investments which encouraged them to invest more. Their next payments, however, were transferred to fake companies to EU bank accounts to bank accounts in  Asian countries and Turkey.

The investigations discovered additional schemes, not realized, to commit fraud.

According to Eurojust, European Investigation Orders (EIOs) were issued to the authorities of Bulgaria, Hungary, the United Kingdom, Spain, the Czech Republic and Portugal.

occrp.org