This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/world-middle-east-36095420

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Israeli diamond dealer arrested amid huge fraud probe Israeli diamond dealer arrested amid huge fraud probe
(about 7 hours later)
An Israeli diamond dealer has been arrested on suspicion of embezzlement amid a fraud investigation that could involve $65m (£45m).An Israeli diamond dealer has been arrested on suspicion of embezzlement amid a fraud investigation that could involve $65m (£45m).
Hanan Abramovich is accused of failing to pay for gems taken from 12 leading diamond dealers, Israeli media said.Hanan Abramovich is accused of failing to pay for gems taken from 12 leading diamond dealers, Israeli media said.
The arrest of Mr Abramovich by Israeli police followed a complaint by the Israel Diamond Exchange (IDE), the world's largest.The arrest of Mr Abramovich by Israeli police followed a complaint by the Israel Diamond Exchange (IDE), the world's largest.
There are fears several diamond firms could face bankruptcy.There are fears several diamond firms could face bankruptcy.
Members of the exchange were encouraged to come forward with information.Members of the exchange were encouraged to come forward with information.
'Zero tolerance''Zero tolerance'
Identifying Mr Abramovich, a police spokeswoman said: "The suspect is under arrest and we are currently questioning him on suspicion of embezzlement."Identifying Mr Abramovich, a police spokeswoman said: "The suspect is under arrest and we are currently questioning him on suspicion of embezzlement."
Adi Carmeli, Mr Abramovich's lawyer, confirmed his client had been arrested but denied he was involved in any criminal activity.Adi Carmeli, Mr Abramovich's lawyer, confirmed his client had been arrested but denied he was involved in any criminal activity.
IDE managing director Eli Avidar accused Mr Abramovich of stringing along diamond firms to whom he owed millions of dollars.IDE managing director Eli Avidar accused Mr Abramovich of stringing along diamond firms to whom he owed millions of dollars.
Mr Avidar said the exchange's board of directors would "show zero tolerance to anyone who harmed other members of the exchange". Mr Avidar said the exchange's board of directors would "show zero-tolerance to anyone who harmed other members of the exchange".
Mr Abramovich appeared in court on Wednesday, where his arrest was reportedly extended for two days.Mr Abramovich appeared in court on Wednesday, where his arrest was reportedly extended for two days.
Israel's diamond industry dates back to the 1930s and now boasts more than 1,000 trading firms based in the city of Ramat Gan.Israel's diamond industry dates back to the 1930s and now boasts more than 1,000 trading firms based in the city of Ramat Gan.
Diamond deals are traditionally clinched with a handshake, according to the Israel Diamond Institute, and with the two Hebrew words "mazal u'bracha," meaning may the deal be with luck and blessings.