Imprisonment of up to 15 years

Abu Dhabi Court Convicts 79 Accused of Fraud and Money Laundering

Abu Dhabi Court imposed fines of up to 10 million dirhams on the defendants.

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The Abu Dhabi Criminal Court, which is competent to look into money laundering and tax evasion crimes, has convicted a criminal group of 79 people of multiple nationalities, which specialized in committing fraud crimes via the information network using fake addresses for a website for trading shares in the stock exchange in the State of China, and deceiving dealers to invest in the purchase of these. Shares contrary to the truth for the purpose of appropriating sums of money, in addition to committing the crime of money laundering with the intention of concealing the source of the collected sums.

The court ruled, in presence and in absentia, against 66 defendants and 13 defendants in the criminal organization, which includes 72 Chinese, Jordanian, Nigerian, Cameroonian, Ugandan and Kenyan defendants, by punishing them with imprisonment for periods ranging from three to 15 years with deportation from the state after the execution of the sentence, and fines ranging from 200,000 to 200,000. 10 million dirhams for each accused, and the confiscation of the seized funds in the possession of the accused, as well as the confiscation of liquid funds in their accounts, real estate, cars, computers, mobile phones, watches and jewelry.

The details of the case are summarized in the participation of the accused with an unknown person by agreeing to deceive the protocol address of the information network of one of the websites for trading shares in the stock exchange in the State of China, using a fake address belonging to others with the intention of committing the crime of defrauding the victims of the dealers via the website to invest in the purchase of shares Contrary to the truth, by using one of the means of information technology, and thus seizing the sums of money, in addition to committing the crime of money laundering to conceal and disguise the truth and source of these proceeds by illegal methods.

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