Global investigation links Sapphire Network investment scam to Cyprus

An extensive investigation by Australian media outlet ABC News has exposed the 'Sapphire Network', a decentralized international investment fraud operation active since 2021. The scam has allegedly defrauded over 4,000 Australians of hundreds of millions of dollars using fake news articles and false promises regarding AI-driven trading platforms. The network is reportedly orchestrated from Tel Aviv, with operational hubs identified in Bulgaria, Ukraine, Cyprus, North Macedonia, and Israel.

Financial tracking and leaked internal documents, corroborated by the Organized Crime and Corruption Reporting Project (OCCRP), link the network to various corporate entities. Among these is Allegiant Holdings Ltd, a Cyprus-registered firm formerly known as Smart Pay. The investigation clarifies that this entity is distinct from a similarly named company in the United Kingdom and served as part of the scam's payment processing infrastructure. The network is tied to Israeli national Shefi Goldberg, whose name appears frequently in internal communications.

The inquiry relies on evidence provided by Swedish outlet SVT and internal screen recordings detailing the scheme's operations. While the report highlights these systemic links, there are no immediate details regarding law enforcement raids or impending judicial proceedings.