Israeli police say they have caught a group of Israeli citizens, including French immigrants, suspected of tricking European companies into sending the group millions of euros in recent months.

Police say the group of eight posed as individuals known to the companies, and convinced company employees to transfer them money. They say the group then tried to hide the funds. Police arrested the group members last week.

The Israeli news site Ynet says group members posed as company executives and scammed companies in Belgium, France and Italy.

Police say they are working to expose other similar Israel-based scams, and are cooperating with law enforcement agencies abroad.

Gilbert Chikli, a French-Israeli living in Israel and wanted in France, is credited with inventing a similar scam that has inspired copycats.