A crypto entrepreneur could face prosecution in Israel for a $290 million swindle, according to reports

According to reports, the Israeli police recommended to prosecutors that Moshe Hogeg be charged with fraud, theft, money laundering, and sex offences.

According to reports, Israeli police have accused entrepreneur Moshe Hogeg of cheating consumers out of over $290 million through frauds involving crypto ventures.

According to an Aug. 23 report in The Times of Israel, the national police force recommended to prosecutors that Hogeg be prosecuted with fraud, theft, money laundering, and sex crimes, accusing the Israeli citizen of defrauding investors out of $290 million for cryptocurrency projects. The entrepreneur was previously held by Israeli police in November 2021 for allegedly engaging in illegal operations, including cryptocurrency fraud, for which he was placed under house detention for about a month.

The report came after a two-year inquiry into Hogeg's potentially illicit operations, including cryptocurrency initiatives. He flew to Morocco in June to announce his participation in Tomi, a blockchain initiative built on a "alternative internet network." Hogeg previously told Cointelegraph that as a personality in the crypto field, he may have been a target for authorities.

According to reports, the police probe entailed interrogating 180 people and seizing money and property in numerous nations. According to a spokeswoman for Hogeg, he appreciated the investigation's conclusion and described numerous newspapers covering the matter as doing a "great injustice" to him. He has denied all of the charges.

Some of Hogeg's suspected unlawful transactions included $7 million for ownership of the Beitar Jerusalem Football Club. In August 2022, he sold the franchise to businessman Barak Abramov.

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