Published On: Thu, Sep 22nd, 2016

Four Israeli diamond dealers arrested over unreported HSBC Swiss accounts

The diamond dealers have been released on bail after they hand over, their passports.

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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.

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.

 

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