Israeli-Mexican Dual National Arrested in Colombia on $16.7 Million Dubai Fraud Charges
Translated & summarized from Vesty by baba
Colombian authorities arrested Michael Mizrahi, a dual Israeli-Mexican citizen, at Bogota airport on October 15, based on an Interpol red notice. He is suspected of participating in a $16.7 million fraud scheme against the Bank of Khartoum in Dubai, involving fake guarantees and money laundering. The UAE is seeking his extradition to face charges, and the investigation into the international network is ongoing.
The story in 5 lines · by baba
- Michael Mizrahi, an Israeli-Mexican dual citizen, was arrested in Colombia on October 15.
- He is wanted in the UAE for alleged involvement in a $16.7 million fraud against the Bank of Khartoum.
- Interpol had issued a red notice for Mizrahi prior to his arrest.
- Colombian authorities are considering his extradition to the United Arab Emirates.
- The alleged fraud involved fake bank guarantees and money laundering by an international network.
Colombian authorities arrested 61-year-old Michael Mizrahi, who holds dual Israeli and Mexican citizenship, at Bogota International Airport on Thursday, October 15. Mizrahi is suspected of involvement in a multi-million dollar fraud scheme targeting a bank operating in Dubai. Interpol had issued a red notice for Mizrahi, and he was apprehended while attempting to leave Colombia. Colombian officials are currently considering his extradition to the United Arab Emirates, where he may face trial.
According to investigators, Mizrahi, whom Colombian media have dubbed "the banker," was part of a fraudulent operation against the Bank of Khartoum in the UAE. The alleged criminal actions resulted in approximately 61 million UAE dirhams in damages, equivalent to about $16.7 million. The UAE is seeking Mizrahi's extradition on charges including fraud, money laundering, document forgery, and the use of false documentation, Colombian authorities reported.
The investigation centers on an international network whose members posed as an influential investor group. They allegedly employed a complex scheme involving fake bank guarantees, fictitious contracts, and falsified financial documents to create an appearance of legitimacy. Mizrahi and other alleged network members reportedly organized business meetings to bolster the credibility of their operations and gain the trust of their business partners.
Investigators believe some of the illicitly obtained funds were transferred to accounts associated with Mizrahi, including those of WYB AG General Trading. The scheme's participants also allegedly used forged payment orders to delay financial obligations, gain time, and move funds abroad. The investigation is ongoing, and a final decision on Mizrahi's extradition to the UAE has not yet been made.
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