Israeli police arrested five people in an investigation into suspected money laundering involving about 16 million shekels ($5 million) in crypto transactions arranged through a WhatsApp group. Investigators suspect the group provided crypto services without a license and failed to report transactions to tax authorities. Police allege it used fictitious agreements to make crypto proceeds transferred into bank accounts look like loans.
Authorities seized wallets, computers and tens of thousands of shekels in cash during searches of the suspects’ homes. Investigators questioned the five on suspicion of money laundering, fraud and providing financial asset services without a license.
