A major fraud trial involving crypto and diamond investments has commenced in France, with over 20 defendants facing charges of defrauding 1,300 individuals and top football clubs. The accused are alleged to have orchestrated a complex scheme between 2016 and 2018, stealing approximately $30 million from victims through fraudulent websites offering investment opportunities in diamonds and cryptocurrencies. The operation involved impersonating player agents to redirect salaries of professional football clubs to accounts controlled by the fraudsters. The trial, dubbed 'red card' due to football clubs' involvement, involves 22 defendants facing charges of criminal conspiracy and fraud. Authorities have recovered $2.8 million to compensate victims. The case highlights the challenges in combating transnational financial fraud, with the accused using sophisticated methods involving crypto wallets for fund theft. The trial signifies a strong stance against international financial fraud, emphasizing the risks associated with investing in cryptocurrencies. Read more AI-generated news on: https://app.chaingpt.org/news