Monday, September 16th | 17 Elul 5779

Subscribe
November 14, 2018 10:52 am

Billionaire’s Son Held in Israeli Diamond Smuggling Case

avatar by Reuters and Algemeiner Staff

Rough diamonds are displayed by a trader in Ramat Gan, near Tel Aviv, Israel, June 22, 2015. Photo: Reuters / Baz Ratner / File.

The son of Israeli billionaire diamond magnate Lev Leviev is among suspects arrested in Israel in connection with a diamond smuggling scheme, according to court documents released on Tuesday.

The case focuses on Leviev’s company, LLD Diamonds, a leading global manufacturer and marketer of polished diamonds, Police have said they expect to make more arrests, both in Israel and abroad.

Leviev’s son Zevulun is among six suspects accused of involvement in a smuggling operation that has brought about 300 million shekels’ ($80 million) worth of diamonds illegally into Israel since 2010, according to a transcript of a custody hearing held on Monday.

Israel is a world center for diamond cutting and polishing, with one of the biggest exchanges in the world, at Ramat Gan.

Related coverage

September 16, 2019 1:06 pm
0

Israeli Checkout-Free Technology Startup Trigo Raises $22 Million

Trigo, an Israeli startup whose technology allows customers to automatically check out in grocery stores, said on Monday it raised $22...

Lawyers representing Zevulun Leviev in a statement said the allegations against him were “baseless” and his arrest appeared to be a tactic to “illegitimately pressure his father.”

Lev Leviev, who was born in Uzbekistan and according to the court documents is currently believed to be in Russia, built his fortune in diamonds and property.

LLD said in a statement it had no knowledge of the alleged smuggling.

“Mr. Leviev and the companies in his control operate in accordance with the proper norms while adhering to the law. We hope that the matter will be clarified soon and the suspicions will be proven baseless,” it said.

Leviev also owns 48 percent of the real estate firm Africa Israel Investments , once one of Israel‘s biggest conglomerates, whose business has struggled since a downturn in the Russian real estate market.

Share this Story: Share On Facebook Share On Twitter

Let your voice be heard!

Join the Algemeiner

Algemeiner.com

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.