The Israeli Tax Authority (ITA) launched an official investigation into the investment scheme ran by Moni Fanan, the former manager of the Maccabi Tel Aviv basketball team.
The legendary manager committed suicide last
week. Although a suicide note was not found, it is believed Fanan took his own life after he accumulated a staggering debt amounting to millions of shekels, which he owed to several basketball players as a result of failed investments.
The Israeli Tax Authority announced it would be launching a tax evasion and money laundering investigation into Fanan's case.
ITA officials raided the basketball team's offices in Tel Aviv Sunday, confiscating six boxes of documents.
The raid is the first stage of the investigation and the ITA is expected to question past and present players, coaches and possibly referees in connection to the case.
Tani Goldstein contributed to this report
_a.jpg "Moni Fanan Photo: Eli Elgarat")
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