Israel Diamond Exchange broker held in massive fraud case

Veteran diamond broker Hanan Abramovich appeared in court on Wednesday after being arrested Tuesday night on suspicion of aggravated fraud. He is under investigation over tens of millions of dollars worth of diamonds he allegedly sold without compensating the original owners.

The arrest was made only three hours after a police complaint was issued by three diamond traders who alleged that in the final months of 2015 they transferred enormous sums of diamonds to Abramovich to serve as the middle-man in diamond trades, but that he later sold them and kept the money for himself.


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