Former Israeli Executive In Gal Barak’s Cybercrime Organization Arrested In Cyprus!

Cybercrime organisation E&G Bulgaria and Chen Ganon
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The news is actually not really new anymore. The Israeli Chen Ganon was arrested in Cyprus a few weeks ago at the request of the German public prosecutor’s office. Ganon was one of the managers in Gal Barak‘s cybercrime organization. He was responsible for the broker scam SafeMarkets and has worked in the boiler rooms in Serbia and Bosnia-Herzegovina. We spoke with Ganon several times in 2018, and he confirmed the allegations against Gal Barak and E&G Bulgaria.

The SafeMarkets Manager

Chen Ganon was responsible for the scam brand SafeMarkets operated by E&G Bulgaria. He managed the boiler rooms in Belgrade and Sarajevo. He confirmed this and other information to us in several conversations in 2018.

Isaraeli Chen Ganon arrested in Cyprus
Former scam operator Chen Ganon arrested

Chen Ganon‘s former boss, Gal Barak, was already sentenced to several years in prison for investment fraud and money laundering in September 2020. Some of his lieutenants, such as Jacki Fitelzon, were also sentenced to prison terms. Fitelzon, who is addicted to drugs and alcohol, was granted by the German court to serve part of his sentence in an addiction center in Israel. Barak’s right-hand man, Kfir Levy, was arrested in the Philippines in 2021 and extradited to Germany.

More Trials Ante Portas

In Austria, another trial is scheduled to start in February in the E&G Bulgaria environment. A former leading employee of Shay Hillel and Yehoram Hillel‘s Novox Group is also a defendant. He has reportedly already confessed to manipulating trades as a risk manager in Novox Group, which was responsible for the risk management of numerous binary options scams. More about this shortly.

The judicial processing of the E&G Bulgaria cybercrime organization will take several more years. We have heard that, in the meantime, proceedings have also been opened in Austria in the GetFinancial case. The German prosecutors have already made arrests in Israel in this regard. GetFinancial was not directly related to E&G Bulgaria but through Gal Barak‘s partner, Gery Shalon, and Shalon’s brother-in-law, the Israeli lawyer David Bar-El, are connected to it.

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If you have any information about E&G Bulgaria‘s cybercrime organization, please let us know through our whistleblower system, Whistle42.

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