2023-06-12 13:00:34
DUBAI: A 30-member gang and seven companies have been found guilty of money laundering and embezzling Dh32 million online. The fraud targeted individuals and companies. The court sentenced all 30 members of the gang to a total of 96 years in prison. After serving the sentence, they will be deported from the country. The anti-money laundering court ordered the defendants to pay a combined fine of Dh32 million and confiscate the computers and phones used in the crime. In addition, seven companies involved in the case were fined a total of Dh700,000. The court may confiscate the defendant’s funds or property to pay the fine.
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Earlier, the Public Prosecution had referred 30 individuals and seven companies to the Dubai Court for money laundering and online fraud of Dh32 million. Senior Advocate General and Head of Public Funds Prosecution Councilor Ismail Madani said that the group extorted money by sending 118,000 e-mails to the victims. Fraudsters impersonate banks and financial institutions with whom they have business ties. These ‘phishing e-mails’ asked the victims to transfer money to the accused’s account. Later, the accused withdrew the money or transferred it to other accounts. Officials also said the other accused bought used cars to hide the illicit source of funds.
Ismail Madani said the UAE authorities are fully committed to fighting money laundering, online crime and fraud that could harm the national economy. The UAE has put in place a robust system to investigate zero-tolerance money laundering crimes. According to the WARM report, from November 2022 to February 2023, law enforcement agencies opened 122 new cases. Public prosecutors investigated 109 cases. During this period, the UAE maintained a conviction rate of 94 percent in money laundering cases. UAE has adopted sophisticated investigative methods and techniques to effectively deal with highly complex issues. Similarly, the officer must formulate a strategy and analyze threats and vulnerabilities for all investigations.
English Summary: Black money, online fraud: 30-member gang and seven companies held guilty
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