Israeli police arrest tycoon, others in bribery, fraud sting

Israeli police say a prominent billionaire businessman and four other suspects were taken into custody on a battery of charges, including money laundering, obstruction of justice and bribery.

The police say the suspects were arrested and questioned on Monday, following a joint investigation with Swiss and American authorities into forged documents and fictitious real estate deals abroad.

The police would not comment on the specifics of the current investigation, but confirmed that Beny Steinmetz was among those arrested.

Steinmetz, a Geneva-based diamond-mining magnate with an estimated worth of just over $1 billion according to Forbes, was arrested by Israeli authorities in December over allegations of bribing officials in the African country of Guinea to promote business interests there.

He spent two weeks under house arrest at that time.