Trader cleared of laundering Dh285 million in UAE

bank transfer, money exchange, Dh285 million, laundering, uae, trader, man, crime, court

Ras Al Khaimah - He was allegedly involved in making bank transfers through money exchange houses.



By Ahmed Shaaban

Published: Mon 28 Oct 2019, 12:34 PM

Last updated: Mon 28 Oct 2019, 2:42 PM

The Ras Al Khaimah Misdemeanour Court has cleared an Asian trader charged with money laundering via three companies.
As per the indictment sheet, the RAK public prosecution accused the man of concealing up to Dh285 million in one of the banks here.
Court records show that the case unfolded when investigations of the money laundering unit of the UAE Central Bank led to the discovery of the concealed money.
The trader was allegedly involved in making bank transfers through money exchange houses.
The total amount was valued at Dh285 million over a period from 2013 to 2016. The defendant was found to have made 20 bank transfers of the same amounts.
The trader was summoned by the public prosecution, and then referred to the court on charges of money laundering.
However, the RAK Misdemeanour Court did not find him guilty of money laundering and acquitted him.
ahmedshaaban@khaleejtimes.com


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