Israeli police arrested three suspects Wednesday morning on suspicion of laundering approximately NIS 500 million through a network of fictitious companies and charities in Israel and abroad, according to N12. Dozens of assets suspected to have been purchased with the proceeds were seized in raids on their homes.
The Zioneer first reported the arrests at 07:08, based on the initial N12 report. In a subsequent update, Yolan Cohen of N12 provided additional details, citing police and the Tax Authority. The three suspects are accused of operating an international criminal network of fictitious companies and charities, used for money laundering, tax evasion, and fraud. The scope of the alleged offenses is approximately NIS 500 million. During the raids on the suspects' homes, dozens of assets were seized that authorities suspect were purchased with the proceeds of the criminal activity. The investigation is ongoing.
5 developments
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