9 jailed for 10 years, fined Dhs10m each for money laundering and crypto-currency trading

Gulf Today, Srafff Reporter

The Abu Dhabi Criminal Court has convicted nine defendants and six companies for possessing Dhs18 million through fraudulent means using a computer-based process.

Four of the accused of different nationalities were sentenced in in their presence and the other 5 accused in absentia, to ten years in jail and a fine of Dhs10 million each.

All except the second accused will be deported, once their sentences were served.

The court also sentenced the companies to a fine of Dhs50 million each, with the seizure of the funds involved in money laundering.

Victims were conned by the fake scheme and were exhorted to invest in a shell company, which the accused claimed specialised in trading digital currencies and has shares in the global markets.

Up to 30 per cent of quick profits was promised in a week and from time to time victims were encouraged to raise the ceiling of their so-called investments to increase profits.

One of the victims got suspicious after defendants set a condition for the disbursement of the said profits to pay a tax.

The victim tipped off the competent authorities.

The Abu Dhabi Public Prosecutor's Office initiated investigations, which led, after research and enquiries by the relevant authorities, to the discovery of a fraudulent organisation that specialised in swindling the victims and attempting to conceal their origin using inter-bank transfers.