Scam artist defrauds Belgians of millions

According to news reports, dozens of people living in Belgium have been subjected to a major fraud worth upwards of €100 million. Stéphane Bleus, The alleged “Madoff” Belgian, referring to the massive American case involving Bernie Madoff, is said to have defrauded some 70 victims out of their money. Bleus is now on the run.  

Although most of the people affected live in Belgium, some were scammed in the Netherlands, Germany and Luxembourg, through a company based in Luxembourg.

Bleus had established investment offices in Brussels where victims were promised returns of up to 25%. Based on criminal complaints from both Belgium and Luxembourg, tax inspectors raided one of the Brussels’ offices Friday. According to reports, the ultimate goal of the scam was to lure the Belgian Catholic church into investing.