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Avreichim concerned: owner of large gemach got stung and fled country

Concern in Modi'in Illit • Owner of one of the largest gemachim in the city, became entangled with gray market factors and fled the country • Left huge debts for millions of dollars
Yaki Admaker, Behdarey Haredim , כ"א טבת תשע"ג 03/01/2013 14:14


Concern in Modi'in Illit: Many families in the city encountered difficulties after one of the largest and best-known gemachim in the city collapsed and the owner fled abroad.

The gemach owner used to provide long term loans of money for the needy.

On the other hand, quite a few avreichim deposited their money into the gemach.

The loan method in the gemach was through providing cash checks, in return for the deposit of post dated checks. The borrower would deposit checks for spread payments of five years, in return for which he received cash checks.

Recently, it became clear that some of the people who entrusted him with long-term checks canceled them after having received the checks in cash, and the man suffered losses of millions of shekels.

Neighbors of the gemach owner said that in recent days "due to large debts and the fact that bad people took advantage of his innocence, he was forced to flee the country."

His family remained in the apartment where he lived in the city. It is estimated that in some cases the gray market people are also involved.

Behadrey Haredim will continue to follow up with the case.

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