A prominent diamond dealer at the Israel Diamond exchange has rocked the Ramat Gan facility to its core in what is reported to be an embezzlement scheme that amounts to almost $65 million. Tel Aviv police are probing veteran dealer C.A. after a complaint was filed against him. ‘A’ was arrested this week and arraigned by the Tel Aviv Magistrate Court on Wednesday, 12 Nissan. Authorities want him held without bail as the case moves ahead, fearing if released on bail he will interfere with investigators.

According to a Yisrael Hayom report, tens of complaints were filed with the exchange against C.A., leading officials to contact police. It is alleged that ‘A’ defaulted on payments for diamonds supplied to him. He was summoned to an internal hearing before exchange officials but failed to appear.

One dealer ‘in the know’ told Galei Tzahal (Army Radio) that many smaller businesses may go under as a result of the loss, warning there could easily be a domino effect here.

Israeli Diamond Exchange Director Eli Avidar told Channel 2 News the exchange will not tolerate any illegal activities, adding officials will do everything possible to resolve the current situation by working with police and all agencies in every way possible.

(YWN – Israel Desk, Jerusalem)