Israeli-Mexican National Arrested in Colombia Over Alleged $16.7 Million Dubai Bank Fraud

Colombian authorities have arrested Mikhail Mizrahi, a 61-year-old Israeli-Mexican national, at Bogotá's airport. He is suspected of involvement in a large-scale financial fraud targeting a bank in the United Arab Emirates, causing an estimated $16.7 million in damages. Mizrahi was apprehended last Thursday as he attempted to leave Colombia, acting on an Interpol red notice. Colombian authorities are currently reviewing a request from the UAE for his extradition, where he may face trial.

Reports indicate Mizrahi, dubbed "the banker" by Colombian media, was part of an international network suspected of defrauding the Bank of Khartoum in the UAE. The losses amount to approximately 61 million UAE dirhams, equivalent to about $16.7 million. The UAE is seeking his extradition on suspicion of fraud, money laundering, forgery, and the use of forged documents, according to Colombian authorities.

Investigations focus on an international network that presented itself as high-profile investors. This group allegedly used sophisticated fraudulent methods, including forged bank guarantees, contracts, and financial documents, to legitimize their activities and gain the trust of their counterparts. Interpol revealed that Mizrahi and other network members organized meetings to foster an impression of legitimacy and attract trust in their business dealings.

Part of the fraudulently obtained funds are suspected to have been transferred to accounts of companies linked to Mizrahi, including WYB AG General Trading. Investigations suggest the use of forged money transfer orders to delay financial claims, gain time, and move funds abroad. The case remains under investigation as Colombian authorities consider the legal procedures for his extradition to the UAE.