The Tel Aviv District Court sentenced underworld figure Rico Shirazi to eight years in prison and a one-million shekel (about $260,000) fine for a series of tax offenses. Shirazi is currently in jail until the end of proceedings on charges of murder and attempted murder.
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Judge Oded Mudrik convicted Shirazi last month on five counts of tax evasion and money-laundering. The indictment said Shirazi and others gave fictitious receipts for over 25 million shekels, and Shirazi himself evaded paying taxes on some 3.5 million shekels in income. The tax authority testified that he laundered over 14.5 million shekels. He also gave loans of hundreds of thousands of shekels to various companies, money that he did not declare or pay income tax on.