Renowned Israeli businessman and supermarket magnate Rami Levy was detained by police Sunday, along with the head of a municipality outside of Jerusalem over suspicions of fraud relating to a mall owned by Levi.
Trade in publicly traded stocks of the company controlled by Rami Levy has been stopped until an announcement is made by the management of the company.
In addition to the two, another businessman and the editor of a local newspaper were arrested as well.
The four were arrested on suspicion of fraud and breach of trust, after a secret interrogation that lasted several months raised suspicions of improper conduct by the council against the owners of the shopping mall owned by Rami Levy.
A few weeks ago, investigators from the Lahav 443 Anti-Fraud Unit raided the offices of the municipal council and confiscated large amounts of files.
Rami Levy is widely admired in Israel for establishing a large low-cost supermarket chain.
He arguably started the discount supermarket trend in Israel, and lit a torch on Israel’s Independence Day over his role in making food prices more affordable.
In 2011, after Arab terrorists slaughtered Rabbi Udi Fogel, his wife Ruth and three of their six young children, Levi began providing the three remaining Fogel children with food.
At the time, Levi told the mourners that they “will have to get used to” seeing his face.
“I have committed myself that every week I will deliver food and stock your home until the youngest orphan turns 18 years old,” Levi said.
