The Israeli police have arrested seven people and held onto eighteen others for questioning a little over a week ago. All this occurred because these people were under suspicion of running an illegal online gambling ring that is said to be worth tens of million of dollars a year.

Investigators from the International and Serious Crimes Unit together with the Gidonim Unit and the Israeli’s equivalent to the FBI have raided the homes and places of work of the persons responsible for the Tel Aviv based Play 2 Bet.com and KG Money Changers located in Ramat Gan. The Gidonim Unit is an operational arm of the Israel Police's Lahav four hundred and thirty-three unit. All three units were pursuing an investigation into money laundering.

The idea is that employees from Play 2 Bet.com were assisted by several key underworld figures to launder tens of millions of dollars through KG Money Changers into foreign bank accounts. KG Money Changers stands to lose more than any of the other players involved because of ties to illegal money laundering for other companies some legal and some not so legal. Police stated that four out of the seven suspects arrested, Eliran Oved, Aryeh Avraham, David Hachmon and Yossi Ben-Shitreet, have had their detentions extended until Sunday to allow for further questioning in the involvement they had in the money laundering scheme.

The Israel police believe that Play 2 Bet.com’s earnings were transmitted via KG Money Changers and then either laundered domestically or transferred overseas. So is the case that the police discovered a complex system in which wagers were placed through regional and group leaders and that players all had a personal log in name and password to a site that would require a significant down payment to cover any initial bets.

It was reported by The Post that the International and Serious Crimes Unit had an undercover agent investigating Play 2 Bet.com after the Northern Fraud Squad had been given Intel that gave the authorities reason to question the online casino’s motives. Without a doubt the authorities believe that the gambling services offered were illegal and have made sure to shut down Play 2 Bet.com for the time being.