An Israeli lawyer says authorities have decided to issue indictments against suspects on charges of participating in a scam in which they allegedly duped multinational companies out of millions of dollars by posing as corporate executives.

Defense lawyer Liya Felus said a judge ruled that a formal indictment would be issued Wednesday. Eight suspects have been arrested in the case, but Felus said she did not know how many would be indicted.

The defendants are accused of calling companies in Europe, identifying themselves as senior executives and instructing them to transfer large sums of money to bank accounts they controlled.

The tactic, used by various criminals worldwide and known as the "Fake-CEO scam," is believed to have cost companies $1.8 billion in two years.