Four diamond dealers from Tel Aviv and Ramat Hasharon have been arrested on suspicion of holding bank accounts in HSBC’s branch in Switzerland without reporting them to the Israel Tax Authority.
The four are brothers: Hanan Menachemov, Michel Menachemov, Yoram Menachemov and Gad Menachemov. The brothers allegedly held the about $26 million in separet accounts without reporting on the money in their financial reports and declarations of wealth.
The Menachemov brothers and Hanan’s three sons were question by the Tax Authority which also conducted searches in their office and Hanan’s home.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
The investigation began after Tax Authority received a list of 8, 000 Israelis holding accounts in HSBC branch in Switzerland.
The Menachemovs were brought to the Tel Aviv Magistrates Court. Judge Shlomit Ben Yitzhak release the four on bail after handover their passports.
The suspects denied the charges attributed to them.
