UAE

Dubai: 30-Member Gang Arrested for AED 32 Million Embezzlement

The Money Laundering Court at the Dubai Courts has sentenced a 30-member gang and seven companies for their involvement in an online scam that resulted in the embezzlement of AED32 million.

The gang members were found guilty and collectively sentenced to 96 years of imprisonment, following which they will be deported. The court has also ordered the defendants to pay a fine exceeding AED32 million.

The court’s verdict also included the confiscation of computers and phones that were used in the commission of the crime. Additionally, the seven companies implicated in the case have been fined a total of AED700,000.

The court reserves the right to confiscate funds or assets belonging to the defendants in order to cover the imposed fines. The case was brought to the Money Laundering Court after the Dubai Public Prosecution referred the 30 individuals and seven companies on charges of money laundering and running a fraudulent online scheme worth AED32 million.

According to Counselor Ismail Madani, Senior Advocate General and Head of Public Funds Prosecution, the gang orchestrated their illicit activities by sending out 118,000 phishing emails, masquerading as reputable banks and financial institutions that the victims had established business relationships.

The fraudulent emails instructed the victims to transfer payments to the defendants’ accounts. Subsequently, the criminals withdrew the funds or transferred them to other accounts.

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Arabian Business

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