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Police recover funds of HUF 3.1 billion from Israeli money-laundering gang

Budapest police have so far recovered 3.1 billion forints (EUR 8.3m) from a money-laundering crime ring operating in Hungary run by Israelis, Peter Farkas, head of the police's economic crimes department said on Tuesday.

He said the leaders of the ring were detained in Budapest in May last year.

The police have so far seized 18 valuable properties, luxury land rovers, cash, bank and bitcoin accounts worth a combined 3.1 billion forints, he said, adding that the sum was 60 percent of the money generated through the gang’s activities.

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