Saudi Arabia: Money laundering gang jailed for 106 years

Dubai: A gang of five Saudi citizens and 16 expats have been sentenced to 106 years in jail and fined SR 1.8 million after being found guilty of money laundering, local media reported.

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The Saudi citizens opened seven commercial records for importing foodstuffs and set up several bank accounts to enable 16 expats of Arab nationality to make use of these accounts, deposit money obtained illegally and transfer them abroad in exchange for a monthly wage.

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Obtained illegally

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Acting on a tip-off, the Saudi Public Prosecution launched investigation into the incident and found the five Saudis guilty of money laundering. They were facilitating the transfer of money obtained illegally outside the Kingdom.

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Accordingly, the 21 convicts were sentenced to 106 years in total and fined SR 1.8 million. The Public Prosecution also confiscated more than SR 5 million which were found in their possession in addition to SR 2 million that were found in their bank accounts.

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A sum of more than SR 465 million that was transferred abroad was also confiscated.

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