Israeli Real Estate Firm Seeks Bank to Reveal Fraudster’s Account Details After Scam

Migdale Top Real Estate, a company specializing in urban renewal projects, has fallen victim to a sophisticated fraud scheme and is now demanding that Bank Leumi disclose the identity of the fraudster behind the scam. The company filed a lawsuit at the Tel Aviv District Court after it transferred nearly 4 million shekels to what it believed was the Tel Aviv municipality’s bank account, based on forged vouchers, fees, and building permits that appeared authentic but were later proven fake.

The fraud involved two immediate transfers totaling close to 4 million shekels to a private Bank Leumi account, despite the payment instructions explicitly naming the Tel Aviv municipality as the recipient. Migdale Top Real Estate discovered that the fees were never paid to the city and that the account was private. The company is not suing Bank Leumi for the lost funds but is requesting a court order to compel the bank to reveal the account holder’s full details, including name, ID number, address, contact information, account opening documents, identification copies, and full transaction history.

Migdale Top Real Estate argues that Bank Leumi’s refusal to provide this information, citing confidentiality, obstructs their ability to pursue legal action against the fraudster and to place an immediate lien on the funds. The company cites previous court rulings, including from the Supreme Court, that have required banks to disclose such information in fraud cases. Migdale Top Real Estate is jointly owned by Aryeh Bar, former CEO of the Ministry of Housing; Moti Kuprali, owner of the Half Free retail chain; and Eli Azur, owner of a media group including Walla, The Jerusalem Post, and Maariv.

Operating for over 20 years, Migdale Top Real Estate has completed hundreds of residential and commercial projects in central Israel and the Sharon region, focusing on Tama 38 and evacuation-reconstruction initiatives. Current major projects include the La Guardia complex in Tel Aviv and the Paratroopers project in Hod Hasharon.