The Supreme Court today dismissed an Israeli couple’s bid to stop police from searching two bank safe deposit boxes tied to an international cryptocurrency fraud investigation led by French authorities.
The couple sought a writ of certiorari to annul search warrants issued on 22 October 2025 by a Limassol court, arguing nothing linked the boxes to the offences under investigation. They had refused to hand over their keys, meaning the boxes would have to be forced open.
The case stems from a European Investigation Order sent by French authorities to Cyprus. Fake cryptocurrency investment and trading platforms have been operating since 2020, defrauding victims across France and the wider European Union, according to the ruling. Investigators uncovered a large organised criminal group behind the scheme.
Shell companies registered in Cyprus, Singapore, the British Virgin Islands and Hong Kong were used to launder the proceeds, the court heard. Once the stolen funds entered the companies, they could be disguised as salaries, funnelled into property purchases or transferred to other structures. Investigators traced cryptocurrency flows totalling US$700 million.
The warrants targeted smart phones, tablets and high-tech internet equipment inside the two boxes.
Judge Elena Efraim found the sworn evidence pointed to an international, organised and multi-layered fraud run through bogus crypto platforms. Those involved allegedly created fake websites showing fabricated investment returns before siphoning off the funds through shell companies and buying property to launder the money.
The court noted the male applicant received roughly US$20,000 in cryptocurrency directly linked to the fraudulent sites in 2021, with an additional US$3 million channelled through his account. He and his family maintained a trust whose purpose was to accumulate property, the ruling said.
“This evidence reasonably gives rise to a suspicion that the applicant participated in the overall scheme, since cryptocurrencies derived from the fraudulent investment websites ended up in his account and a fairly large sum of money was moved through that account,” the court said.
The Supreme Court concluded the evidence was sufficient to establish a reasonable suspicion linking the applicant to the offences under investigation and dismissed the couple’s application.
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