Bahrain: Man jailed for seven years for money laundering

Cairo: A Bahrain appeals court has upheld a seven-year-jail sentence against a businessman convicted of money laundering.

###

The Bahraini businessman had been charged with money laundering of nearly BD3 million defrauded from a Saudi investor by selling to him an office building in Bahrain using fake documents.

###

SEE ALSO

  • From the editors: Dubai shows the way by slashing COVID-19 test price

  • In Pictures: Sheikh Nawaf Al Ahmed Al Sabah sworn in as the new Emir of Kuwait

  • The day the music died: COVID-19 kills one of Seoul’s oldest underground music venues

  • News in pictures: Amazon creates thousands of jobs in India, Airbus probe, Germany debt, gut microbe and cancer, ‘whole system raped Hathras victim’, UK economy…

###

The defendant fled Bahrain and bought buildings, nightclubs and stocks in several countries, according to media reports.

###

He later returned to Bahrain after having lost most of his properties abroad. He admitted in investigations that he had seized nearly BD3 million through fraudulence in 2008.

###

The court ordered him to pay a fine of BD100,000 and confiscation of any assets he owns equal to the money at the centre of the case, Akhbar Al Khaleej newspaper reported.

###

In his legal complaint to Bahraini authorities, the Saudi investor said that he had paid a total of BD2.75 million to buy the building, but later found out that the ownership documents were fake.

Click Here: Fjallraven Kanken Art Spring Landscape Backpacks

Leave A Comment

Leave a Reply

Your email address will not be published. Required fields are marked *