Cyprus’s Supreme Court gave a major decision in a $700 million crypto-linked fraud case. The court cleared the way for police to open two bank safe deposit boxes belonging to an Israeli couple. The suspects had tried to block the searches.
The apex court had dismissed the couple’s bid to annul search warrants issued by a Limassol court on Oct. 22, 2025. The warrants were reportedly granted after a request made by French authorities probing a cross-border crypto investment scam.
The suspected couple was trying to get a writ of certiorari. They argued that investigators had failed to establish a link between the deposit boxes and the offences under investigation. This was the reason that they refused to hand over the keys. Without an official order, the boxes would need to be forcibly opened.
Investigators trace $700M in major crypto scam
Judge Elena Efraim reportedly said that the evidence presented to the lower court points to an international and multi-layered fraud. It is connected to fake crypto investment platforms operating since 2020. The sites allegedly displayed fabricated trading profits to bait victims. The scam was run across France and the wider European Union before siphoning off funds.
According to the ruling, investigators identified a large organised criminal group behind the scheme. The officials might have traced crypto flows totalling about $700 million. Proceeds were allegedly channelled through shell companies registered in Cyprus, Singapore, the British Virgin Islands and Hong Kong.
Once that money flowed inside those entities, it could be disguised as salaries or used to purchase property or moved into additional structures. It was done just to destroy their origin. The search warrants specifically targeted smartphones, tablets and high-tech internet equipment. However, it is believed to be stored inside the two safe deposit boxes.
The court noted that the male applicant received about $20,000 in cryptocurrency in 2021. It was directly linked to the fraudulent platforms, with a further $3 million passing through his account. He and his family were said to control a trust which was built to accumulate property.
“This evidence reasonably gives rise to a suspicion that the applicant participated in the overall scheme,” the court said. It noted that digital assets obtained from the fraudulent websites ended up in his account. The Supreme Court concluded that the material before the lower court was sufficient to establish reasonable suspicion and upheld the warrants.
Europol seizes cash and crypto in EU probe
The crucial fraud case forms part of a broader European crackdown. Europol said in a recent report that final actions in a sweeping international operation dismantled a large-scale crypto fraud. The probe was began with a single began with a single fraudulent crypto platform but expanded into a major investigation.
Authorities described it as a complex and far-reaching network spanning Europe and beyond. The group allegedly operated multiple fake investment platforms. They even relied on call centres to pressure victims into sending additional funds after being shown inflated returns.
On Oct 27, 2025, coordinated raids were carried out in Cyprus, Germany, and Spain. It was done at the request of the French and Belgian authorities. Later, nine individuals were arrested on suspicion of laundering proceeds from the fraudulent platforms.
Authorities managed to seize €800,000 from bank accounts, €415,000 in cryptocurrencies, €300,000 in cash, digital devices and high-value watches. Europol and Eurojust supported the operation. This involves national authorities from France, Belgium, Germany, Spain, Malta and Cyprus.
Source: https://www.cryptopolitan.com/israeli-couple-fights-to-keep-bank-box-sealed-in-700m-crypto-probe/
