Falcon sold “purchase vouchers” and “programme contracts” promising unrealistically high guaranteed yields to clients, collecting amounts “in the billions” from at least 4,400 investors, the NBH established in a probe.

The NBH fined the companies and one private individual a combined HUF 1.5bn for providing unlicensed financial services. It also filed a criminal report on suspicion of fraud, falsifying public documents and organising a pyramid scheme.

Some 2.3 billion forints in assets have been frozen on Falcon accounts.