The businessman’s death occurred after he suffered a heart attack when an “unnamed substance” was injected into his penis during a procedure aimed at increasing the size of that appendage.

Axar.az reports that, Ehud Arye Laniado, a Belgian-Israeli billionaire and diamond trader, passed away at the age of 65 during a penis enlargement procedure at a private clinic in France, the Jewish Telegraphic Agency reports.

According to the news agency, Laniado suffered a heart attack after an "unnamed substance" was injected into his genitals during the process, leading to the businessman’s demise.

Omega Diamonds, one of the companies owned by Laniado, has confirmed his death, issuing a statement which described him as "a visionary businessman".

"It is with great sadness that we confirm that our founder Ehud Arye Laniado has passed away. After living an exceptional life Ehud will be brought back home to Israel as his final resting place. He will be dearly missed by us all," the company said.

The circumstances of the billionaire’s death, however, became a subject of jokes among some social media users.

Laniado was expected to appear a court in Belgium on 14 March to face charges of tax evasion, the news agency adds.