An Israeli national accused of running a 150 million dollar Ponzi scheme was extradited from Bosnia and Herzegovina on Sunday to stand trial for what is believed to be the largest fraud of this kind ever in Israel, according to the Israeli Securities Administration.

Michael Ben-Ari, also known as Michael Greenfeld, is an American-Israeli citizen accused of defrauding approximately one thousand investors in the US and Israel in a 15-year scam. The Israeli media called Ben-Ari the “Israeli Madoff”, the Times of Israel reported.

Israel authorities arrested Ben-Ari in April 2021, but he fled the country using a false passport after being released for house arrest with a 625,000 dollars bond.

He was arrested in Bosnia and Herzegovina in July, according to Israeli media.

Bosnian Justice Minister approved the extradition request on Friday, after a local court rejected his appeal, so he will be brought for a hearing in custody.