Israeli court indicts Russian billionaire


JERUSALEM (JTA) — A Russian-Israeli billionaire was indicted on charges of fraud and money laundering.

Arcady Gaydamak was indicted Thursday in Tel Aviv District Court along with several top executives of a subsidiary of Bank Hapoalim. They are accused of "the utilizing of the Israeli banking system for the purpose of defraudment and money laundering."

The bankers reportedly helped Gaydamak hide his identity as the buyer in order to illegally purchase a Dutch company.

Gaydamak, the owner of the popular Betar Jerusalem soccer team, is currently in Russia. He left a nearly $1 million bond to ensure his return to Israel, Ha’aretz reported.

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