Dubai: Bid to launder Dh14 million in stolen funds foiled

Dubai - 8 individuals, 3 companies convicted for cyber fraud and money laundering.



By Team KT

Published: Sat 21 Aug 2021, 4:28 PM

Last updated: Sun 22 Aug 2021, 5:50 AM

A Dubai court has convicted eight individuals and three companies for cyber fraud and laundering of stolen funds amounting to Dh14 million.

The Dubai Misdemeanour Court sentenced one defendant to three years in jail. The other accused have been handed sentences ranging from six months to a year.

Two of the defendants were fined Dh20,000 each. The court imposed a fine of Dh300,000 on each of the three convicted companies and ordered them to return more than Dh9 million that was embezzled from the complainant’s company.

Counselor Ismail Ali Madani, senior advocate general, Chief of Public Funds Prosecution, said one of the defendants hacked into a company’s bank account and fraudulently transferred money into his own company’s account.

The other convicted individuals assisted the first defendant in conducting a series of illegal transactions to transfer and launder the money as well as conceal the crime and source of funds.

Abdul Rahman Nasser Hassan, chief prosecution assistant, said the Public Prosecution’s investigations revealed an “elaborate plot” to hack into the email of the victim’s company and access correspondence, confidential bank account details, and mechanisms for transferring funds.

This allowed them to steal a large portion of the Dh14 million from the victim’s account. After depositing the amount in their account, the defendants conducted illegal transactions to conceal the source of the funds.

The defendants were convicted under federal laws that seek to counter money laundering and terrorism financing.

Madani said the accused were arrested and brought to justice “due to the swift and effective action taken by the Dubai Public Prosecution and the strong cooperation between local and federal authorities involved in combating money laundering and terrorist financing”.

Faisal Yousuf bin Sulaitin, executive director of the Dubai Economic Security Centre, said Dubai’s investigation agencies “play a significant role in combating crimes that can pose a threat to the emirate’s economic and financial security”.

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He praised the emirate’s law enforcement agencies spearheaded by the Dubai Police “whose diligence and professionalism have enabled the emirate to maintain one of the world’s safest urban environments”.

The investigation conducted in this case reflects the country’s commitment to maintaining the integrity of its financial system and combating crimes such as money laundering and terrorism financing, he added.


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