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They were also sentenced to 10 years in prison.
A nine-member gang was sentenced to 10 years in prison for money laundering and obtaining 18 million dirhams through fake cryptocurrency transactions.
The court also fined each defendant 10 million dirhams, and six companies involved in illegal activities were fined 50 million dirhams each.
The Abu Dhabi Criminal Court, which is committed to investigating money laundering and tax evasion crimes, issued a verdict after the defendant was found guilty of obtaining cash through fraud and engaging in money laundering activities.
Official court documents stated that these people obtained cash through the use of new technology.
One of the defendants who conducted business outside the UAE communicated with the victim. The man claimed to cooperate with foreign investment companies engaged in digital currency transactions to deceive victims and tell them that they will get a handsome return on investment.
The prosecutor said that the man asked the victim to transfer the cash to the bank account of the UAE company to convince them that it was a real investment.
After receiving cash from victims via internal bank transfers, defendants operating through organized criminal groups deposited the money in their bank accounts and then transferred the cash between accounts in their companies.
Subsequently, they transferred large amounts of cash to foreign accounts with the intent of concealing evidence and disguising the source of illegal funds.
After hearing the case, the judge made a ruling in the presence of four defendants of different nationalities. The rest were sentenced in absentia. With the exception of the second defendant, these people will be deported after serving their sentences.
The court also ordered the confiscation of all funds involved in money laundering activities, whether in the form of cash in the defendant’s bank account, or assets owned by the defendant that originated from the money laundering activity or resulting from it. It also ordered the confiscation of criminal proceeds and criminal methods.
ismail@khaleejtimes.com
Ismail Sebowo
As a professional journalist from Kampala, Uganda, Ismail is a happy father with a strong attachment to the family and noble values to humans. For the past 13 years, he has been engaged in journalism in the UAE, covering the country’s parliament (FNC) and criminal activities, including the Abu Dhabi police, prosecutors and courts. He also reports on important issues in education, public health, and the environment, and has a keen interest in stories about human interests. In fulfilling his reporting duties, he served the Ugandan community in Abu Dhabi because he wanted to see his fellow citizens happy. Exercise and reading are part of his free time.
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