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Asian investor cleared of laundering Dh278 million in UAE

Ahmed Shaaban /Ras Al Khaimah
ahmedshaaban@khaleejtimes.com Filed on April 6, 2020
Asian investor, laundering, crime, court

(Photo: Alamy)

The defendant was sentenced two years in jail followed by deportation.


The Ras Al Khaimah Misdemeanour Court of Appeal has cleared an Asian trader of laundering Dh278 million via three companies.

As per the sheet of indictment, the RAK Public Prosecution had charged the defendant with hiding the said amounts in the account of his company in one of the banks here, which was discovered later.

The RAK Misdemeanour Court found the defendant not guilty and ordered his acquittal. However, the public prosecution appealed against the verdict before the higher court, which sentenced him to two years in jail followed by deportation.

The court also slapped the defendant with a hefty fine of Dh500,000, and ordered the confiscation of Dh10 million from his three companies as per the report of assigned committee.

Dissatisfied with the ruling, the court approached the cassation court which sent it back to another chamber court of appeal. The latter found the defendant not guilty, dropped the earlier rulings, and cleared him of the charges.

Court records show that the case unfolded when the anti-money laundry unit of the UAE Central Bank was alerted that the defendant had carried out 20 suspicious bank transfers, worth around Dh285 million, through a number of exchange houses from 2013 to 2016.

Advocate Salem Al Keet, the defence lawyer, told the court that the case is free from any money laundry evidence.

"My client is a licenced investor. He is mainly investing in gold," he added.

"He also has real estate investments up to Dh200 million, apart from other transport and cement trade, and all his transactions are legal, and nothing was hidden."

The case was heard by different courts and chambers until the defendant proved to be innocent, and his acquittal was finally ordered.

ahmedshaaban@khaleejtimes.com

 

Ahmed Shaaban





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