Australian investigation links Cyprus to Sapphire Network investment fraud

A major investigation by the Australian outlet ABC News has uncovered significant links between Cyprus and the "Sapphire Network," an international criminal enterprise accused of defrauding over 4,000 Australians of hundreds of millions of dollars. The network, which has been active since at least 2021, uses AI-assisted scams and fake news articles to lure victims into fraudulent investment schemes, operating through a decentralized structure of dozens of companies and call centers across Israel, Bulgaria, Ukraine, North Macedonia, and Cyprus.

Central to the investigation is the Cyprus-registered company Allegiant Holdings Ltd, previously trading as Smart Pay, which is allegedly integrated into the network's payment processing infrastructure. Leaked internal records and screen recordings reveal employees using the Smart Pay system to process and log victim payments. The company is reportedly owned by 43-year-old Israeli national Shefi Goldberg. ABC clarified that this entity is distinct from a similarly named company registered in the United Kingdom.

Following these revelations, which were corroborated by internal files shared with the Organized Crime and Corruption Reporting Project (OCCRP), authorities are currently reviewing the evidence to determine the full extent of the operation and identify all individuals involved in the global scam.