France opens trial for 'Red Card' diamond and crypto investment scam case
The city of Nancy has officially opened the trial of the ‘Red Card’ scam case, which saw over a thousand victims, including some of France’s top football clubs, lose €28 million ($30 million) through fake cryptocurrency and diamond investment schemes, Twenty-two defendants appeared in the city’s convention center on Monday to hear opening statements. The venue was chosen because a courtroom couldn’t accommodate the 850 victims represented at trial — one of whom lost €400,000 ($433,000) to what they believed was a “diamond savings plan.” Some even received fake diamonds, worth pennies compared to their investments. The defendants, aged between 28 and 73, are accused of opening 199 bank accounts across 19 countries in order to fund diamond and crypto fraud schemes between 2016 and 2018. ‘Red Card’ case fooled top football teams The Red Card case — ‘Carton Rouge’ in French — was dubbed for swindling €60,000 ($65,000) from football clubs Sochaux, Angers, and Toulouse . Six more we