Massive Crypto Fraud Trial Opens in France: 20 Defendants, 1,300 Victims
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A large-scale crypto fraud trial opened on Monday in Nancy, France. Over 20 defendants are accused of scamming 1,300 victims through fake crypto and diamond investment schemes.
The case, dubbed “red card,” has drawn massive attention due to the involvement of a dozen football clubs among the victims. A total of €28 million ($30 million) was allegedly stolen.
According to local French media, the trial, which is expected to last four weeks, was held in a conference center to accommodate the 850 victims represented.
The defendants, aged 28 to 73, are accused of running fraudulent websites between 2016 and 2018, offering bogus investment opportunities in diamonds and cryptocurrencies. Lulled by promises of high returns, victims suffered significant financial losses, with some taking out loans to invest.
According to Colman, a law firm representing around 100 plaintiffs, one victim reportedly lost €400,000 in a “diamond savings plan.”
“We believe this trial marks a strong signal in the fight against international financial fraud,” the firm stated.
France Opens Trial for $30M Diamond and Crypto Fraud
A major trial has opened in Nancy, France, involving 22 defendants accused of defrauding 1,300 individuals and top football clubs in a $30 million scam involving fake cryptocurrency and diamond investments.
The case, dubbed… pic.twitter.com/gCiAR4c5fQ
Investigators revealed that the accused opened 199 bank accounts in 19 countries to transfer funds. Around €2.8 million has been recovered and may be used to compensate victims.
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