Israeli entrepreneur Moshe Hogeg is facing accusations from local police for allegedly defrauding users of around $290 million in cryptocurrency project scams.
On August 23, The Times of Israel reported that, following their findings, the country’s police force is suggesting that the prosecution charge Hogeg with crimes ranging from fraud and theft to money laundering and sex-related offenses. They claim Hogeg misrepresented information to obtain $290 million from investors for cryptocurrency ventures. It should be noted that this isn’t Hogeg’s first run-in with the authorities. In November 2021, he was detained over suspected illicit activities, including crypto-related fraud, which led to him being under house arrest for about a month.
This recent report stems from a two-year probe into Hogeg’s purportedly illegal dealings, many of which are connected to cryptocurrency projects. In a turn of events in June, Hogeg went to Morocco and declared his association with Tomi, a blockchain endeavor focusing on an “alternative online network.” Speaking to Cointelegraph, he insinuated that his stature in the crypto community might have made him a potential target for officials. As part of the police’s inquiry, they reportedly interviewed 180 individuals and confiscated funds and assets across various nations. A representative for Hogeg conveyed that he was relieved the investigation concluded. He portrayed much of the media coverage on the matter as biased against him and has consistently refuted all accusations.
Interestingly, Hogeg reportedly used some of the controversial funds to purchase the Beitar Jerusalem Football Club for $7 million. However, he transferred the ownership of the club to entrepreneur Barak Abramov in August 2022.
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