The government company senior official detained by the National Crime Unit (Lahav 433) on Thursday was identified as Netivei Ayalon Chairman Idan David, Maariv reported on Saturday.
Police detained David on suspicion of obtaining something by fraud, breach of trust, forgery, use of a forged document, and submitting a false affidavit.
Authorities searched David's home and office, seizing documents and digital media, before releasing him under restrictive conditions.
Netivei Ayalon is an Israeli transportation company specializing in providing alternatives to private cars, according to the company's website.
Company operates on behalf of Transportation Ministry
The website notes that the company performs its projects on behalf of the Transportation Ministry, which span across the fields of public transit, traffic management, and other transportation-related projects.
As of the time of writing, David is still listed on the Rishon Lezion-headquartered company's website as "Chairman of the Board of Directors."
Efrat Forsher contributed to this report.