Exceptional trial opens in Nancy: giant crypto-currency and diamond scam unveiled

More than €28 million in losses, a thousand victims, and football clubs among the plaintiffs. The ‘red card’ trial is shaping up to be extraordinary

On Monday 21 October, the Nancy Convention Centre was transformed into a courtroom to host the trial of a massive online scam dubbed ‘carton rouge’. The case involves more than €28 million in losses and affects more than a thousand victims, including several football clubs. At 3pm, 22 defendants, three of whom are still at large, appeared in court, accompanied by a large number of civil parties. More than 850 complaints have been lodged.

Victims distraught at considerable losses

Marie-Bernadette Holmaer, a pensioner, travelled from Martigues to attend the trial. Six years ago, she lost more than €10,000, thinking she had invested in diamonds. Her dismay is shared by Yves Boisseau, another victim of this scam: ‘I feel anger, hatred. They sold me the wind’, he told France 2.

A sophisticated network to trap investors

The crooks behind this fraud had set up a complex organisation, opening 199 bank accounts in 19 different countries to transfer the stolen funds to the victims. At the same time, around twenty fraudulent websites were set up, making it possible to put the money into the hands of investors.

‘The scam began subtly,‘ explains Gaël Colin, the civil parties’ lawyer. ‘The victims would first receive interest on small amounts, convinced by the credibility and friendliness of the people they were dealing with. Then, with confidence, they invested larger sums, until the scam was closed.’

A trial lasting several weeks

This extraordinary trial, which promises to be full of twists and turns, is expected to last four weeks. The defendants, most of whom will be present, will have to answer the charges brought against them, while hundreds of victims await justice and reparation.