Israeli-Mexican Citizen Arrested in Colombia for $16.7 Million Fraud Scheme

An Israeli citizen with Mexican nationality, identified as 61-year-old Michael Mizrahi, was arrested at El Dorado International Airport in Bogotá, Colombia, on Thursday. The arrest followed an Interpol red notice issued at the request of authorities in the United Arab Emirates (UAE). Mizrahi, reportedly nicknamed "The Banker" in Colombia, is suspected of being part of an international network that allegedly used forged financial documents to move funds between companies and countries, causing an estimated $16.7 million (61.44 million dirhams) in damages.

The investigation centers on Khartoum Bank, a financial institution originating in Sudan with operations in the UAE. According to information provided by the UAE to Colombian authorities, Mizrahi was allegedly involved with a group that presented itself as a high-capacity investment network with extensive business ties. The group purportedly offered seemingly legitimate deals, presented forged bank guarantees and contracts, and held business meetings to build trust. Investigators suspect that some of the documents used to legitimize these transactions, including bank guarantees and transfer approvals, were fraudulent.

Authorities in the UAE have charged Mizrahi with fraud, money laundering, forgery, and using forged documents. They are seeking his extradition to face criminal charges, and Colombian media reports suggest he has already been sentenced in Dubai. Previously, a Spanish court had denied an extradition request, citing inadequate legal protection in the UAE proceedings. Mizrahi is currently in the custody of Colombian authorities, with his case handed over to the local prosecution for review of the extradition request.

If the extradition proceeds, the case is expected to move to the judicial system in Dubai, where the broader international fraud scheme is being prosecuted. The Interpol red notice serves as an international request to locate and detain an individual pending extradition. The decision on Mizrahi's continued detention and transfer will be made according to Colombian law and legal proceedings. The charges against him are still subject to legal review, and his arrest and the international notice do not constitute proof of guilt.