Abu Dhabi Court of Cassation has overturned an appeal judgment against a Gulf state accused of money laundering and raised about 53 million dirhams from people under the pretext of investing it with a return of up to 70% annually of the value of the invested capital, without obtaining a license from the competent authorities to raise funds from Without committing to conclude any investment contracts with the victims, the court again sentenced the accused to two years' imprisonment and a 500,000 dirham fine.
The details of the case, known as the «Phantom Auto Trade Portfolio», according to the lawsuit papers, and the findings of the investigation that the accused has a car showroom, and an unlicensed activity, is the management of an investment portfolio, and soliciting those who want to invest their money, and receive amounts of them For the investment, in return for profits under the guise of car showrooms as a cover for his activity, through the sale and purchase of cars, where the defendant presents checks to pay cash before maturity, in order to avoid dealing with banks.
The Public Prosecution has assigned a defendant who committed the crime of money laundering to replace and conceal the fact of the proceeds, their source and movement, and the rights related to them with a view to concealing and disguising their source, by recycling the victims' money, and concealing the fact of their source by purchasing movables and real estate, in the case of being aware that these funds are derived from a crime. Fraud.
The court of first instance sentenced the defendant for committing money laundering to seven years' imprisonment, fined 500,000 dirhams, confiscated nine vehicles, 53,414,413 dirhams, and confiscated all amounts of the defendant in his accounts at bank branches inside and outside the country. The report of the Central Bank, in addition to the confiscation of movables and documents and their retained copies showing the description, value and amount of papers, and obliged him to pay the penal fees.
The defendant appealed the verdict, and the Abu Dhabi Court of Appeal ruled in its presence to accept the appeal in the form and in the matter to cancel the appealed judgment in the confiscation, to cancel the confiscation of the previous adjudication, and to seize the funds seized in the case for the benefit of the complainants (victims), and amend the appeal judgment on the sentence of imprisonment The defendant was sentenced to two years' imprisonment, upheld the fine, and obliged the convicted person to pay the fees.When the convicted person did not accept the verdict, he appealed against the cassation, and the Court of Cassation ruled on the appeal filed invalidating the initial and appellate judgment, and set a hearing to hear the matter.
During the sessions of the Court of Cassation, the defendant denied the charges, explaining that he had a licensed exhibition to practice the trade and purchase of cars, and did not go out of this range since the beginning of his activity, and the area of work is the sale of forward or cash, and that the sale is under a contract between him and the seller, and deal according to the customs of buying and selling In the state, when asked about the delegates, he replied that when the car is sold, the price is paid, and the delegate gives his wage for his fatigue, seeking innocence.
In its ruling, the court explained that the accused, as established in the case papers, was receiving money or buying cars from the victims, in return for checks payable on future dates, and received a profit rate of up to 70% of the amount paid to the accused, or The defendant was able to collect an amount exceeding 53 million dirhams, all without authorization from the competent authorities to collect and invest funds from others and without obligation. Conclude any investment contracts with the victims.
She pointed out that the defendant was recycling the amounts obtained, and hiding the fact of the source of the purchase of movables and real estate, and he is sure that those funds are derived from the crime of fraud and fraud on the victims, and when the defendant stopped paying the depositors, and what they promised him of the amounts owed, plus To them profits, they rushed to report, where the accused was arrested, seized cars, sales, checks and some sums of money.
The court confirmed that he had settled in the certainty and corrected the evidence to prove the incident against the accused, and from the statements of witnesses investor minutes of evidence and investigations. The defendant acknowledged the minutes of evidence collection and investigations, the reports of seizure and inspection, the inventory report, the electronic laboratory, the report of the Central Bank, and the report of the police investigation, stressing its reassurance of the evidence in the case and the availability of the elements of the crime of money laundering assigned to him.
The court sentenced the appellant to annul his nullity, revoked the conviction of the appellant for money laundering, sentenced him to two years in prison, and fined 500,000 dirhams.