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Abu Dhabi Criminal Court convicts 13 people, 7 companies for money laundering


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May 18, 2023 at 17:51 yes

Abu Dhabi [UAE]May 18 (ANI/WAM): Abu Dhabi competent criminal court money laundering and tax evasion, convicted of 13 Indian nationals and the companies they own because money laundering. They were found guilty of engaging in economic activities by providing credit facilities through point of sale (POS) without obtaining permission from the competent authorities.Total amount involved money laundering 510 million dirhams.

The court sentenced the four defendants who appeared during the trial and the other fugitive defendants in absentia to imprisonment ranging from 5 to 10 years and fines ranging from 5 to 10 million dirhams. The court also ordered the forfeiture of the confiscated funds and the deportation of the convicted persons after serving their sentences. Companies involved in these crimes were each fined Dh10 million.
Criminals set up a criminal organization to conduct economic activities using Point of Sale (POS) of several companies without the permission of the competent authorities to provide credit facilities at the headquarters of the travel agency used as a venue for this criminal activity. They made bogus purchases through the POS of companies created for this purpose, or through some of the defendants abusing the powers granted to them to process bank accounts of companies owned by third parties without the owner’s knowledge, in exchange for deductions for each withdrawal operation A percentage that benefits companies that own and use POS devices.
In addition, bank transaction reports and financial analyzes issued by the Financial Intelligence Unit (FIU) also showed that the bank accounts of the defendants and their companies had large inflows and outflows of funds within a short period of time, which is impossible within the law of their respective economies. The framework of the activity, as well as the numerous financial operations performed on these accounts through deposits, withdrawals and transfers, are intended to conceal their origin. (ANI/WAM)


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