Major crypto, diamond fraud trial opens in France 🤯

Some 28 million euros ($30 million) were allegedly stolen in the case, dubbed “red card” because of the dozen football clubs among the plaintiffs.

Some 850 of the victims are represented at the trial which had to be moved to the conference centre in the eastern French city of Nancy because there were too many for a traditional court. Hearings are set to last four weeks.

The defendants, between 28 and 73, are accused of running websites offering fraudulent investment opportunities in diamonds or cryptocurrencies between 2016 and 2018.

One person handed over 400,000 euros believing they were investing in diamonds and what was advertised as a “diamond savings plan”.

Some investors lost big chunks of their savings or even contracted loans to invest, attracted by a promise of large annual returns, said Colman, a law firm representing around 100 plaintiffs.

“We believe this trial marks a strong signal in the fight against international financial fraud,” the firm said in a statement.

The accused opened 199 bank accounts in 19 countries to receive and transfer funds, according to investigators. Some 2.8 million euros were recovered and could be used to compensate victims.