Having effortlessly transitioned into acting, Fouzia's debut film swiftly captured global acclaim, earning accolades at the prestigious Cannes Film Festival
A 40-member gang has been sentenced to between five and 10 years in jail for money laundering activities and defrauding others through stock markets.
Listen to this story and more on the 8@8 with David Light podcast
The defendants of various nationalities were also jointly fined Dh860 million. Eight companies that were involved in the illegal activities were fined Dh50 million each.
The gang told the victims that their investments were converted into digital currencies which they called ‘Foin’. The victims later realised that this was a bogus investment as they couldn’t access their capital.
The Abu Dhabi Criminal Court, which is committed to looking into money laundering and tax evasion crimes, sentenced 23 of the main defendants in the case to 10 years in prison and a fine of Dh10 million each.
Eleven of the defendants were given seven years in jail each and fined Dh10 million after they were found guilty of money laundering and financial fraud.
A five-year-jail sentence was given to one of the defendants and he was fined Dh10 million. Five others were sentenced to six months in prison and fined Dh20,000 for obtaining cash illegally.
Court documents stated that security agents were tipped off about the gang that had 17 Emiratis, 16 Iranians, two Indians, a Saudi, a Mauritanian, an American, a Greek and a Comoros Island national.
Prosecutors said the group engaged in financial fraud, money laundering and carried out economic activities without licences.
Investigations revealed that the gang lured scores of people into investing in their portfolio, which was purportedly trading in stock markets.
Authorities said the gang received money from investors and shareholders after promising them 16-18 per cent profit.
ALSO READ:
>> UAE: 9 fined Dh10 million each over fake digital currency trade, money laundering
UAE jails 6 expats, issues fines up to Dh160 million for money laundering
They also told the victims that they would help trade their shares. This was done through companies and individuals based in the UAE.
The victims complained to the authorities and the Abu Dhabi Public Prosecution on financial issues investigated the case.
ismail@khaleejtimes.com
Having effortlessly transitioned into acting, Fouzia's debut film swiftly captured global acclaim, earning accolades at the prestigious Cannes Film Festival
Parag, who reached his 50 off 34 balls, cracked 25 runs with three fours and two sixes off the final over bowled by star South Africa paceman Anrich Nortje
Fans were left scratching their heads when Mumbai opted to take Bumrah out of the attack after he bowled the fourth over
With the help of modern equipment, manicured golf courses and elite athletes the scores are getting lower and the game becoming even more captivating
With 10 matches remaining Arsenal lead a three-way title race having won eight successive games
Three separate Israeli strikes on Wednesday, including on a health centre in the border village of Habariyeh, killed 11 civilians
Netanyahu tries to soothe a rift with Biden as he plans to send a government delegation to Washington after earlier cancelling the trip
Among the 24 horses Japan has sent to Dubai is impressive Riyadh Dirt Sprint winner Remake who eyes a Middle East double