The Tel Aviv Magistrate’s Court on Monday released a 41-year-old Rishon L’Tzion resident on bail. He is suspect of defrauding a South African diamond firm out of $35 million.

According to the indictment, Maran Piker and his brother, who lives in New York, defrauded the S. African company. Operating under the name Piker International, they maintain offices in New York City and Ramat Gan. The S. African company filed a complaint with police, stating it delivered $100 million in diamonds to the New York office of Piker International but to date, only received payment of $65 million.

The company sent a representative to Israel to investigate, and claims Piker told him some of the boxes which were supposed to have contained gems were empty while other contained inferior merchandise. The suspect was placed under arrest and denies any wrongdoing in the case.

(Yechiel Spira – YWN Israel)