French police have uncovered a real estate fraud involving cryptocurrency assets. Two suspects are accused of defrauding a couple of approximately 1.5 million euros in cryptocurrency through a fraudulent villa transaction. After a one-year investigation, both individuals have been detained pending trial.
The suspect impersonated a buyer's intermediary.
According to French media Var-Matin, the two suspects, a mother and son, were arrested on June 25 in a rented property in Cavalaire-sur-Mer, southern France. Investigators stated that the pair targeted a couple from Ramatuelle, who had listed a villa valued at approximately €10 million for sale in spring 2025.
Police stated that the suspect claimed to represent an Italian billionaire buyer and invited the seller to Milan for negotiations. During the meeting, the so-called buyer made an offer above the listed price but required the seller to first prove ownership of sufficient crypto assets to cover approximately €1.5 million in transaction-related fees.
The Milan meeting became a turning point in the funds theft case.
French investigators stated that the second meeting in Milan was a critical turning point in the case, as the suspect requested access to relevant cryptocurrency wallet information under the pretext of verifying assets.
Police suspect that the two individuals distracted the victim and used glasses equipped with hidden cameras to capture sensitive wallet information, including account details and private keys. Investigators believe the suspects then quickly gained access to the wallet and transferred the victim’s crypto assets.
- The involved amount is approximately 1.5 million euros.
- The victim sold a property valued at approximately €10 million.
- The total estimated value of the seized related properties is approximately €1.9 million.
The court has seized three related properties.
The police stated that the suspects used false identities and frequently moved around France, complicating the investigation. The two individuals are alleged to have lived in the Paris region and have prior criminal records of a similar nature, but they denied the allegations during questioning.
Both individuals are currently under judicial supervision and are scheduled to appear before the Draguignan Criminal Court on September 1. The prosecution intends to charge them with organized fraud and inability to account for the source of funds.
Meanwhile, French courts have ordered the seizure of three properties on the French Riviera linked to the suspect, with a combined estimated value of approximately €1.9 million, pending the outcome of the case.
Cases of attacks on French cryptocurrency holders are increasing.
Investigators classified this case as a traditional "rip-off" scam rather than a violent extortion, but it once again highlights that criminals are shifting traditional real estate fraud tactics toward cryptocurrency holders.
This week, France’s interior ministry revealed that 77 cases related to the crypto industry—including kidnappings, unlawful detention, extortion, and attempts—were recorded in 2026, up from 45 in 2025. French Interior Minister Laurent Nuñez stated that the cases are serious in nature, but emergency security measures introduced over the past year are beginning to show results.
He also stated that law enforcement has arrested approximately 200 individuals following the attacks and preventive actions, and an additional 724 industry participants have joined France’s immediate identity verification platform, representing an 11% increase from before.