Following the discovery of an alleged massive embezzlement by a member of the Israel Diamond Exchange (IDE), IDE President Yoram has reiterated that the Israeli diamond bourse has a zero tolerance policy towards people causing damage to IDE members.
Exchange member Hanan Abramovich, who is alleged to have fraudulently acquired tens of millions of dollars worth of diamonds, has been arrested by the Israeli police. Police, who also arrested his son under suspicions that Abramovich used his family to smuggle diamonds, raided his home and found diamonds worth US$80,000 in a safe.
“The diamond sector has been experiencing difficulties in recent years and unfortunately we are seeing cases like this where there is exploitation of IDE members by other members. The IDE management will show zero tolerance towards people causing harm to other IDE members,” explains Dvash, who asked the Tel Aviv District Police Commander to open a criminal investigation into the matter.
According to IDE Director-General Eli Avidar, Abramovich planned the fraud over a long period of time and took advantage of the time that elapsed after going into financial difficulties in order to conceal money and diamonds that were in his possession.
“This is a serious case in which a diamantaire took advantage of the credit given to him by several companies. The exchange won’t look the other way when someone causes harm to its members. We went to police because it has the ability and power to get to the money and diamonds, and we are convinced that he kept them for use in the future,” notes Avidar.
In addition to the fraud, Abramovich is also suspected of violating the law on money laundering.
Courtesy of the Israel Diamond Exchange
