Police arrest 16 for alleged money laundering

By
January 8, 2012 16:14

Police arrested 16 suspects on Sunday on suspicion of running an illegal, undeclared bank out of their Ramat Gan Stock Exchange offices and illegally handling around a billion shekels.

The suspects were arrested at their homes and businesses by dozens of police and Tax Authority officials, following a year-long undercover investigation. 


"The suspects systematically money laundered large sums... converted foreign currency, and gave illegal loans," police said. "They made major profits, and used their offices as an undeclared bank," police added.


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