Fraud Unit investigators arrested a 38-year-old female employee of the YES satellite TV company for allegedly embezzling NIS 24 million (almost $7 million) from the firm.
The suspect, a resident of Herzliya, allegedly perpetrated the fraud over a decade, reported Army Radio. Her identity cannot be revealed by order of the Petah Tikva Magistrates Court which extended her detention for five days.
It is believed that the suspect forged the signatures of authorized individuals and deposited various sums over the years into private accounts.
The satellite company, one of Israel’s two giants in the industry along with Hot cable, said that the suspected fraud was discovered during an internal audit.
“The company initiated a deep and thorough investigation into the matter and turned to the police on Thursday evening with its findings so that it could act immediately to investigate the case,” YES said in a statement.
The suspect’s defense attorney claimed she was being used a scapegoat, and attempted to cast doubt as to why the company hadn’t noticed the missing funds over the years. The attorney said YES was trying to hide its losses ahead of a stock issue, according to Israel Radio.