8 companies, gang of 40 charged with money laundering crimes, fined Dhs860 million in UAE

Gulf Today, Staff Reporter

The Abu Dhabi Criminal Court, which is competent to look into money laundering and tax evasion crimes, convicted a gang of 40 members of different nationalities and 8 companies on charges of fraud and money laundering.

The convicts have been sentenced to 5-10 years in jail and jointly fined Dhs860 million. All their assets and proceeds from the crime have been confiscated, and 23 convicts face deportation.

The convicts reportedly practised economic activity without a licence using information technology means through which they committed fraud and money laundering.

The Court also fined the convicted companies Dhs50 million each.

The 23 main convicts have been sentenced to 10 years in jail with a fine of Dhs10 million each, while 11 convicts have been sentenced to 7 years in jail with a fine of Dhs10 million, and one convict has been sentenced to 5 years in jail with a fine of Dhs10 million.

The Court also sentenced 5 convicts to six months in jail with a fine of Dhs20,000 each, for obtaining money that are believed to be illegal.

The Court heard that the authorities had received information about a gang, including 17 Emiratis, 16 Iranians, 2 Indians, a Saudi, a Mauritanian, an American, a Greek, and a Comorian had engaged in economic activities as a cover to fraud and money laundering crimes.

Investigations showed that they had falsely fabricated automated trading in the stock market with the money of shareholders.

They tempted the victims into obtaining profits ranging between 16 per cent and 18 per cent per month through companies and individuals in the country.

Then, the gang announced the conversion of the victims' money into fake cryptocurrency, which they dubbed (Foin). The deceived investors were obstructed from recovering their funds.

The Public Prosecution of Funds in Abu Dhabi sated that the gang were running unlicensed activities from 2015 to 2017 and that the mastermind in the Middle East, is identified as M.R.A.K, Iranian.

The latter adopted hierarchical complex methods of crime to ensure that there is no connection between any of the gang’s members, the Prosecution added.

The investigations revealed that the convicts were not receiving cheques or money orders from the victims, to keep themselves safe form suspicions.

All operations were done by receiving money in cash. They were also establishing groups and teams for organisation and conducting training courses, as well as organising huge concerts attended by global stars.