Jerusalem (CNN) For the first time, prosecutors directly linked Israeli Prime Minister Benjamin Netanyahu to what is known as Case 4000, alleging he gave regulatory benefits worth up to 1 billion shekels (approximately $280 million) to his friend in exchange for favorable media coverage.

Case 4000 is one of five investigations targeting the Prime Minister and members of his inner circle. Netanyahu has been named as a suspect in two cases, though not in Case 4000. He has denied any wrong doing in those cases.

In an appeals hearing on Tuesday for two key suspects in the case, prosecutor Yehudit Tirosh said, "It's about a severe affair of a suspicion of giving and receiving bribes, about giving "favorable" coverage, if I can use a gentle word, because the word favorable misses the reality."

"[It's] harnessing a leading website for the purpose of beneficiary coverage and editing, in return for regulatory benefits on behalf of the Communications Ministry, the Minister of Communications, the Communications Ministry Director-General, which are worth to Eurocom between 680 million cash to one billion shekels, including conditional benefits."

Israeli tycoon Shaul Elovitch (2nd L) appears at the Justice Court in Tel Aviv on February 22.

Eurocom Group is a company owned by Shaul Elovitch, Netanyahu's friend, and one of the main suspects in Case 4000.

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