North Israel Sweep Nets Millions in Assets in Money Laundering Probe

By מערכת ice

Translated & summarized from Ice by baba

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Hebrew · 3 newsrooms covering

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Israeli police seized approximately 60 million shekels in assets during a sweep in northern Israel targeting currency exchange businesses suspected of money laundering for crime organizations. Twelve suspects were detained as the investigation, involving multiple police units and financial authorities, revealed alleged offenses totaling hundreds of millions of shekels. This action is part of a broader strategy to cripple organized crime financially.

The story in 6 lines · by baba

Israeli police seized millions in assets during a northern Israel sweep targeting money laundering.
Twelve suspects were detained as part of the investigation into currency exchange businesses.
Assets seized include property, vehicles, and cash, totaling approximately 60 million shekels.
The overall scope of alleged financial crimes is estimated in the hundreds of millions of shekels.
The operation targets the financial lifelines of organized crime in Israel.
This follows a similar large-scale money laundering probe in central Israel last September.

Israeli police have seized millions of shekels in assets, including property, vehicles, and cash, as part of a widening investigation into money laundering and other financial crimes. The operation, which moved into its public phase on Wednesday, targeted several currency exchange businesses in northern Israel suspected of facilitating illicit activities for crime organizations. Twelve suspects were detained for questioning.

Investigators from Lahav 433, the National Bureau for Major Crimes, the National Guard, and the Border Police tactical unit simultaneously raided locations across the northern region. The total value of assets seized so far is approximately 60 million shekels, with the overall scope of the alleged offenses estimated to be in the hundreds of millions of shekels. The crimes include money laundering, income concealment, forgery, and fraud.

The police stated that this operation is part of a broader effort to combat organized crime by targeting its financial lifelines. The investigation is being conducted in cooperation with the Israel Securities Authority and the Israel Money Laundering and Terror Financing Prohibition Authority.

This action follows a similar operation in September, where police arrested four suspects in central Israel in connection with a 100 million shekel money laundering and VAT fraud investigation. That probe, also involving Lahav 433 and the Tax Authority, led to the seizure of luxury vehicles, gold jewelry, and cash. The police emphasized that disrupting the financial flow of criminal organizations is a key strategy in their fight against them.