Man Suspected of Extensive Fraud in Iceland Skip to content

Man Suspected of Extensive Fraud in Iceland

By Iceland Review

The Supreme Court of Iceland confirmed the custody ruling of the Reykjavík District Court over a man who is suspected of extensive fraud. Police believe the man may have defrauded approximately ISK 300 million (USD 2.4 million, EUR 1.8 million) from at least 90 individuals.

Copyright: Icelandic Photo Agency.

If the man is found guilty of fraud, the maximum imprisonment that he could face is six years, Fréttabladid reports.

Those filing charges against the suspected fraudster say he offered to get them a return on their investments, either through currency exchange trade or by using their money to free up money which he said he held in foreign bank accounts.

It is believed that thousands of transactions in the man’s bank accounts are related to the alleged fraud. It is also believed that he has accomplices and committed the fraud with their assistance.

The District Court’s ruling states that during questioning the man did not deny that he owed at least 90 people hundreds of millions of ISK. However, he maintained that he hasn’t committed any crime although he may have been deceitful in some cases.

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