Israeli Diamantaire Abramovich's Remand Extended in $60 Million Fraud Case

Legal
02/05/2016 14:28

According to Tel Aviv Magistrates Court Judge Ronit Poznanski-Katz, suspicions are hardening against diamond dealer Hanan Abramovich, suspected of forgery and fraud totaling $60 million, and the judge extended Abramovich's remand for the fifth time, this time by four days. "The array of documents submitted to the Court and a confidential report filed by the police put the reasonable suspicion concerning the crimes attributed to the suspect, which include other crimes besides fraud (including forgery and money laundering) on a firmer basis." Also released for the first time was the name of one of the main victims of the Abramovich affair - well-known diamond dealer Amos Fozailoff, a member of one of Israel's largest and most widely recognized diamond dealing families, reports Globes.

According to the police representative at the hearing, Abramovich made off with merchandise worth $38 million from Fozailoff, most of what Abramovich received on consignment. Abramovich said that he had repaid $17 million, some of his debts, last October, including $918,000 to Fozailoff. The police said that as of now, it had no evidence of such a payment. State representative Adv. Offer Klein said the investigation would pick up speed in the coming days, and had already disproved Abramovich's story that only a simple case of bankruptcy was involved. Klein added that a factual basis had been established for additional crimes committed by Abramovich, including forgery and money laundering.