The defendants converted the victims' money into fake digital currencies, which they called (Foin).

40 accused and 8 companies were convicted of fraud and money laundering in Abu Dhabi

The Abu Dhabi Criminal Court, which is competent to consider money laundering and tax evasion crimes, has convicted 40 defendants of different nationalities and 8 companies on charges of forming a gang and engaging in an economic activity without a license, by preparing and designing an information technology means and using it to commit fraud and money laundering, and sentenced them to prison terms. Ranging between 5 and 10 years and a fine of about 860 million dirhams, with the confiscation of all funds and proceeds from the crime and the expulsion from the state of the 23 convicts of non-citizens.

In details;

The court sentenced those convicted of fraud and money laundering;

To oblige the convicted companies to pay a fine of 50 million dirhams each, and also sentenced 10 years in prison and a fine of 10 million dirhams for each of the 23 main defendants, in addition to 7 years in prison and a fine of 10 million for 11 defendants, and 5 years in prison and a fine of 10 million for one defendant.

The court also sentenced 5 defendants to six months in prison and a fine of 20,000 dirhams each, for convicting them of the charges of obtaining seizures in circumstances that lead to the belief of their illegality.

The details of the case are due to the information received by the security services about the formation of a gang of a group of people;

Of them, 17 are of Emirati nationality, 16 of Iranian nationality, 2 of Indian nationality, in addition to one accused each of Saudi, Mauritanian, American, Greek and Comoros nationalities;

They engage in fraud, carry out economic activity without a license and money laundering crimes.

Investigations indicated that this formation was based on falsehood by simulating a project for automated trading in the stock market with the money of subscribers and shareholders, and deluded the victims into obtaining profits ranging between 16% and 18% per month from the invested capital, in addition to providing the possibility of manual trading of shares in the event of the shareholders’ desire, This was done through companies and natural persons in the state, and then the gang formation announced the conversion of the victims’ capital and their money into fake digital currencies that they called (Foin), thus not enabling investors to recover their capital.

By referring the case to the Public Prosecution Office in Abu Dhabi for jurisdiction, the investigations and investigations revealed;

During the years from 2015 to 2017, the formation managed unlicensed organizations, and it was found that the organization headed by it at the level of the Middle East, accused M.

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K-Iranian, and he relies on complex methods of crime, where his members are linked in a hierarchical form so that only the person above them in the organizational hierarchy knows the other defendants.

 In terms of the methods used in fraud, the investigations showed that the accused do not receive checks or money orders from the victims to keep suspicions away from them, as all their operations were done by receiving money in cash, in addition to establishing groups and teams to organize, conducting training courses and holding huge concerts attended by international artists.

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