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DUBAI: The Abu Dhabi Criminal Court has convicted 13 Indian nationals, including seven companies they owned, of money laundering and tax evasion, according to media reports.
this court They were found guilty of money laundering worth AED510 million in unauthorized provision of credit facilities through point-of-sale (POS), Khaleej Times reported last week. Four of the Indians were sentenced to prison terms ranging from 5 to 10 years before being deported and ordered by the court to pay fines ranging from 5 million to 10 million dirhams.
The seven companies involved were fined Dh10 million each. According to the investigation, these Indians set up a “criminal organization” and used the headquarters of a travel agency to carry out unlicensed economic activities, through which they allegedly made more than Dh5 billion.
According to the Khaleej Times, they would pay customers in cash and then use their credit cards to make bogus purchases through their company’s POS. In some cases, they also help customers pay off credit card debt by depositing cash into their accounts, making another fraudulent POS transaction, and then deducting the interest amount.
according to bank transaction According to reports and financial analysis published by the Financial Intelligence Unit (FIU), the bank accounts of the defendants and their companies experienced unusually large cash inflows and outflows within a short period of time. (IANS)
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