Israeli Business Tycoon Moshe Hogeg Accused of $290 Million Crypto Scam Following Two-Year Probe
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Business tycoon and former owner of Beitar Jerusalem FC, Moshe Hogeg, has been accused by the Israeli police of orchestrating a $290 million crypto scam.
According to the authorities, Hogeg raised a staggering $290 million from investors both in Israel and internationally through four cryptocurrency projects between 2017 and 2018.
The law enforcement agency claims these investments were purportedly obtained under false pretenses, and instead of being utilized for the promised projects, the funds were allegedly diverted for Hogeg’s personal interests.
Israeli police claimed that they uncovered evidence of Hogeg’s alleged involvement in sexual offenses and repeated violations of women’s privacy. The allegations include a range of offenses, from financial crimes like fraud, theft, and money laundering, to more heinous charges such as sexual misconduct, The Times of Israel reported.
The police revealed that the investigation involved questioning around 180 individuals connected to the case and conducting numerous searches.
This extensive effort led to the seizure of a significant amount of evidence, money, and property across various countries.
Hogeg Denies All Charges
Hogeg, who also made headlines for his ownership of Beitar Jerusalem FC, denies all the charges against him.
The business tycoon has asserted that he was subjected to harsh treatment while in police custody.
The investigation into Hogeg and his alleged accomplices has been a complex endeavor that spanned multiple countries.
While Hogeg and seven others were initially arrested in 2021 in connection with the alleged crimes. However Hogeg was released to house arrest after putting up $22 million bail bond.
Now, after more than two years of meticulous investigation, the Israeli police have forwarded the charges against Hogeg and his associates to prosecutors for further review.
Hogeg’s foray into the world of cryptocurrencies was marked by high-profile events, including meetings with the Israeli Finance Minister to advocate for blockchain technology and cryptocurrencies.
Hogeg’s Crypto Firm Raised $100 Million in ICO
Hogeg’s cryptocurrency project raised a staggering $100 million within a mere 24 hours as part of an initial coin offering (ICO), cementing his presence in the industry.
The case also saw legal battles prior to the police investigation. In 2019, Hogeg faced lawsuits from American and Chinese investors, alleging financial improprieties.
However, it wasn’t until the close of 2021 that Hogeg’s name emerged in relation to the cryptocurrency crime investigation by Israeli authorities.
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