The chief financial officer of the Inbal Or Group of real estate companies, Dror Giladi, was arrested Tuesday by the Tax Authority on suspicion of issuing false invoices and hiding tens of millions of shekels in transactions carried out by the company. Giladi was released on bond of 100,000 shekels (about $25,000) in cash and a pledge for another 700,000 shekels. He also turned in his passport.
Tax Authority agents came to company offices Tuesday to collect evidence. Another senior official with the real estate company was also questioned on suspicion of involvement in the case, but the official’s name is subject to a 14-day gag order. The Inbal Or Group consists of 16 companies owned by Inbal Or.
Giladi’s arrest followed an undercover investigation conducted for about half a year by customs and value-added tax officials in Jerusalem as well as VAT and purchase tax officials in Tel Aviv. Giladi has been employed at the Inbal Or on a part-time basis.
The group was founded in 2005 and has focused on organizing purchase groups members of which jointly buy into a real estate project.