Sentenced to 10 years in prison and fines

Abu Dhabi Criminal Court convicts 9 defendants and 6 companies of “money laundering” crimes

The Abu Dhabi Criminal Court, which is competent to consider money laundering and tax evasion crimes, convicted nine defendants and six companies of committing the crime of seizing 18 million dirhams, fraudulently, and using an information technology means.

One of the accused had contacted the victims from outside the country, claiming that he was working for foreign investment companies specialized in trading digital currencies, and deceived them to achieve rewarding returns.

He asked them to transfer their money to company accounts inside the country, to make them believe in the validity of his allegations.

The defendants also committed the crime of money laundering through an organized criminal group, by transferring and concealing the truth of the proceeds from the original crime, and they acquired the funds, and used them when they received them through internal bank transfers, and deposited them in their bank accounts, then transferred them between the accounts of their companies, and transferred the bulk of them outside The state, with the intent of concealing and disguising its truth and its illegitimate source.

The court sentenced in presence four defendants of different nationalities, and in absentia to the rest, to 10 years in prison, and fined them 10 million dirhams each.

It also ruled to convict the companies by fining each of them 50 million dirhams, with the confiscation of the funds subject to the money laundering crime, whether the liquid contained in the accounts of the accused, or any of the material or moral assets owned by them, derived from or resulting from the money laundering crime, as well as the confiscation of the proceeds and the means used. in crime in any way.

The arrest of the incident and the accused and their bringing to justice, in light of the effective measures taken by the various concerned authorities, comes within the integrated efforts of the UAE in combating money laundering crimes, and taking all measures to confront them by the UAE Central Bank and financial institutions, in addition to the strength of the legislation and laws in force on these crimes.

The facts of the case are that a number of the victims were defrauded by the defendants, who deceived them to invest in a fictitious company, claiming that it is specialized in trading digital currencies and stocks in global markets, in order to lure them into a quick profit and achieve profits of up to 30% within one week, and periodically urges them to Raising the ceiling of the fictitious investment to increase the profits, for which it was stipulated the transfer of a tax amount due on it, which raised suspicions among one of the victims, so he took the initiative to inform the competent authorities.

For its part, the Public Prosecution in Abu Dhabi began investigations into the case, which showed, through research and investigation through the relevant authorities, the existence of a criminal organization aimed at seizing the funds of fraud victims, and an attempt to conceal its truth through mutual bank transfers between them, as it was found by tracking the movement of Funds in corporate accounts, suspicion of banking operations, given the rapid movement of sums without economic justification or any supporting documents, which is an indication of the commission of money laundering crimes, for the Public Prosecution to take measures to seize the accounts of the accused and refer them to the competent court, which issued its ruling convicting them of the crimes against them.

• The defendants seized 18 million dirhams for trading in digital currencies.

• The defendants tempted the victims to make profits of up to 30% within a week.

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