Dubai Man Indicted in Connecticut for Fraud, Money Laundering, and Identity Theft

Saul Shalev, a dual U.S.-Israeli national, allegedly defrauded over 20 small and medium-sized businesses and commercial lenders.

Jan. 28, 2026 at 5:31pm

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Saul Shalev, a 36-year-old dual U.S.-Israeli national who most recently lived in Dubai, has been indicted by a federal grand jury in Bridgeport, Connecticut. Shalev is accused of defrauding more than 20 small and medium-sized businesses and commercial lenders through a scheme involving stolen identities, false representations, and fraudulent payoff instructions.

Why it matters

This case highlights the growing problem of financial fraud targeting small and medium-sized businesses, which can have significant impacts on their operations and bottom lines. It also underscores the challenges law enforcement faces in tracking down and apprehending suspects who operate across international borders.

The details

According to the indictment, between December 2019 and November 2022, Shalev allegedly acquired information about commercial loans received by the SMBs and offered them the opportunity to refinance the loans or gain additional financing. Shalev is said to have used stolen identities and made false representations while acting as a broker between the SMBs and potential lenders. After securing new or additional financing for an SMB, Shalev allegedly gave fraudulent payoff instructions, causing the SMB to send all or part of the loan proceeds to an account he controlled. He also reportedly received commissions from the lenders.

  • Shalev lived in Brooklyn, New York until around February 2019 before eventually moving to Dubai.
  • The alleged fraud scheme took place between December 2019 and November 2022.
  • Shalev was indicted by a federal grand jury in Bridgeport, Connecticut on August 20, 2025.
  • Shalev was arrested in Barcelona, Spain on September 15, 2025 at the request of U.S. officials.
  • Shalev appeared before a judge in Bridgeport on January 23, 2026 after being extradited to the U.S.

The players

Saul Shalev

A 36-year-old dual U.S.-Israeli national who most recently lived in Dubai, United Arab Emirates and is accused of defrauding more than 20 small and medium-sized businesses and commercial lenders.

Federal Bureau of Investigation's Connecticut Cyber Task Force

The lead investigative agency in this case.

Stamford Police Department

Assisted in the investigation.

Greenwich Police Department

Assisted in the investigation.

U.S. Department of Justice's Office of Internal Affairs

Provided significant help in securing Shalev's arrest and extradition.

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What’s next

The judge in the case will decide on Tuesday whether or not to allow Saul Shalev out on bail.

The takeaway

This case highlights the growing threat of financial fraud targeting small businesses, as well as the challenges law enforcement faces in apprehending suspects who operate across international borders. It underscores the importance of robust cybersecurity measures and vigilance among SMBs when it comes to protecting sensitive financial information.