Israeli PM Netanyahu Source: WikiMedia

Israeli police documents have confirmed that Prime Minister Benjamin Netanyahu is a suspect in an ongoing investigation.

The allegations include "fraud, breach of trust and bribes," according to The Guardian. The PM's former chief of staff Ari Harrow has been negotiating with police to become a state witness in the case, testifying against his former boss.

Although investigations into the case have been publicly known for some time, naming Netanyahu openly as a suspect in the case is a significant development.

For his part, Netanyahu has vehemently denied his involvement.

"We completely reject the unfounded claims made against the prime minister," a spokesperson for the prime minister said, according to The Independent.

"The campaign to change the government is underway, but it is destined to fail, for a simple reason: there won't be anything because there was nothing," they said.

The allegations center around Netanyahu's relationship with billionaire Hollywood producer Arnon Milchan and Israeli newspaper owner Arnon Mozes.

Allegedly, Netanyahu accepted thousands of dollars worth of lavish gifts – or bribes – from Milchan. In return, Netanyahu is said to have lobbied then U.S. Secretary of State John Kerry on Milchan's behalf.

With Mozes, Netanyahu is said to have given the media mogul commercial favors in return for positive coverage in his newspaper, Yedioth Ahronoth. The paper is one of the largest in the so-called state of Israel.

According to reports, the case with Mozes centers around recordings found on Harrows phone of conversations between the newspaper owner and Netanyahu. Harrow, who now appears to be cooperating with police in the investigation, is also also suspected of bribery, fraud and breach of trust.