‘Israeli’ man arrested over $16.7 million Dubai dank fraud

An ‘Israeli’-Mexican man known as “The Banker” has been arrested in Colombia on an Interpol Red Notice linked to a multimillion-dollar bank fraud in Dubai.

Michael Mizrahi, 61, who holds ‘Israeli’ and Mexican citizenship, was detained at Bogotá’s El Dorado International Airport shortly after arriving on a flight from Madrid.

He was traveling in transit toward Venezuela and carried multiple passports.

Colombian authorities from the National Police’s Criminal Investigation Directorate (DIJIN) and Interpol, working with Migración Colombia, acted after confirming the Red Notice issued at the request of United Arab Emirates authorities.

Mizrahi, who goes by the alias “El Banquero” or “The Banker,” is wanted to serve a criminal sentence in the UAE for fraud, money laundering, forgery, and the use of false private documents.

UAE investigators link him to a sophisticated international network that defrauded the Bank of Khartoum (a Sudanese bank with major Dubai Islamic Bank ownership) of approximately 61.44 million UAE dirhams—about $16.7 million.

According to Colombian police, the network posed as high-profile investors and representatives of legitimate commercial projects.

“The criminal modality of this criminal organization consisted of presenting themselves as high-profile investors and representatives of legitimate commercial projects, using fraudulent maneuvers, including the presentation of bank guarantees, contracts and false financial documentation,” the police stated in a communiqué.

Members staged meetings and simulations to create an appearance of legitimacy before transferring funds to companies linked to Mizrahi, including WYB AG General Trading (reportedly owned by him) and others such as Art Lawyers.

Investigators say the group later used dilatory tactics, including false transfer orders, to buy time while moving the money abroad.

Colombian authorities have described Mizrahi as a high-impact target based on the UAE case file.

One report notes he was previously convicted in the Emirates and had earlier faced an unsuccessful extradition request while in Spain.

“Mizrahi is required by the authorities of the United Arab Emirates to serve a criminal sentence for his participation in the crimes of fraud, money laundering, forgery and use of false private documents,” the Colombian Police said.

He has been placed at the disposal of Colombia’s Attorney General’s Office (Fiscalía General) while diplomatic and judicial extradition proceedings to the UAE move forward.