A lawyer and a U.S. citizen were arrested Tuesday on suspicion of carrying out an elaborate real estate fraud involving a building on Idelson Street in Tel Aviv that belongs to two elderly sisters, one of whom recently died.
According to police, the two forged documents, took control of the property, valued at about 40 million shekels (about $12.3 million), and sold it twice to different buyers, each time collecting a 2 million-shekel down payment (about $615,000).
After months of covert investigation, police raids, arrests and the seizure of computer equipment and documents were carried out on Tuesday, making the case public. The suspects, residents of Bnei Brak and Jerusalem in their 40s, are expected to appear in court on Wednesday for a remand hearing.
The investigation began after fraud detectives received information suggesting a forged transfer of ownership of the aging building. Over recent months, the Tel Aviv District fraud unit uncovered evidence allegedly indicating that the two, a lawyer and a foreign national, were involved in serious offenses, including aggravated fraud, conspiracy, forgery with intent to obtain benefits and additional crimes.
According to police, the pair worked in full cooperation, using forged documents to create a false impression of ownership. They allegedly sold the property for 8 million shekels (about $2.46 million) and pocketed the down payments from both victims.
During Tuesday’s raids on the suspects’ homes, police seized computer equipment and numerous documents relevant to the investigation.