Israeli police on Wednesday arrested a man accused of stealing diamonds worth hundreds of thousands of dollars after presenting himself as a representative of companies such as Chopard and Bvlgari and proposing to diamond companies in the Israeli exchange to take their stones abroad for valuation.

According to police reports, the suspect, Ramat Gan resident Amos Suleimani, was employed as a diamond cutter in the exchange and was well-known and respected. He allegedly approached certain diamantaires, offering to send their diamonds to Italy for valuation, but, after the stones were given to him, he claimed that the diamonds had been lost along the way and never returned them.

The head of the Fraud Unit, Chief Superintendent Inbal Tzur, commented to The Jerusalem Post that an investigation was launched in January after the department received complaints from a number of employees in the exchange.

Inbal noted that the suspect claims he was himself the victim of a swindle but that the companies in question – for which Suleimani claimed he was working – have denied any connection with him.

Police took the suspect, to the Tel Aviv Magistrate’s Court on Wednesday, where authorities extended his custody to seven days. 

Further arrests in the case are expected to be made. The Israeli exchange has notified the companies involved.