Israel Tax Authority has arrested a total of 28 people so far as part of a probe related to tax evasion by Israelis who allegedly hold undisclosed bank accounts with Swiss bank UBS.

In a statement seen by Reuters, the tax authority said, "The investigation continues and more arrests are expected.

The statement noted that the suspects had been released on bail.

However, there have been no indictments yet as the investigation is ongoing.

Commenting on the report, UBS said the bank as well as its Israel office is not part of the investigation and would not comment further.

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