Rishon Lezion brothers, co-owners of an Israeli subsidiary of a New York-based diamond firm, allegedly defrauded a South African diamond company

41-year-old Rishon Lezion resident was arrested Sunday night along with his brother on suspicion of attempted diamond fraud. The two are owners of an Israeli diamond company, and according to suspicions, attempted to cheat a South African diamond company out of some 35 million dollars by failing to supply diamonds they had received money for. The owner of the South African company arrived in Israel to resolve the conflict, only to allegedly receive diamonds of lower value. Following this, he filed a complaint with police. Two brothers from Rishon Letzion are suspected of perpetrating a multi-million dollar diamond fraud, Israel Radio reported Monday. The brothers, co-owners of an Israeli subsidiary of a New York-based diamond firm, allegedly defrauded a South African diamond company with which they had business connections. The owner of the South African company is currently visiting Israel and has pressed charges against the Israeli brothers, claiming they owe him $35 million for diamonds he had sold for them. According to his version of events, he had originally arrived in Israel to settle the outstanding debt. The brothers then allegedly gave him sealed boxes, claiming they contained high-class diamonds. Upon opening the boxes, the South African found some of them to contain low-quality diamonds, while the others were completely empty. Following on the charges, the Tel Aviv fraud investigation unit arrested one of the suspects Sunday in his Ramat Gan offices. His brother is currently abroad and has yet to be arrested. The New York Police Department has launched an investigation into the matter as well, and will work in cooperation with the Israel Police. A Tel Aviv judge on Monday will decide whether to extend the remand of the nabbed suspect or to release him on bail.