Boaz Schwartz, CEO of Deutsche Bank Israel, has been arrested over allegations of falsely reporting deals worth over ILS550m ($146m) since 2011. The Israeli Tax Authority claims that the CEO reported that the deals were on behalf of non-Israelis only, therefore being tax-free but actually included Israeli residents who are required to pay taxes. Officials at the bank said they were surprised that a two-year-old probe into the matter had suddenly turned into a criminal complaint from a civil one, without any obvious reason. According to a statement from the Israel Tax Authority, Schwartz was detained in Tel Aviv and charged with “false reporting” for allegedly submitting fake documents between 2011 and 2015. Schwartz has been granted bail under certain restrictions.
Boaz Schwartz, CEO of Deutsche Bank Israel, has been arrested over allegations of falsely reporting deals worth over ILS550m ($146m) since 2011. The Israeli Tax Authority claims that the CEO reported that the deals were on behalf of non-Israelis only, therefore being tax-free but actually included Israeli residents who are required to pay taxes. According to a statement from the Israel Tax Authority, Schwartz was detained in Tel Aviv and charged with “false reporting” for allegedly submitting fake documents between 2011 and 2015. Schwartz has been granted bail under certain restrictions.