UAE convicts 40 people, 8 companies of fraud, money laundering
The Abu Dhabi Criminal Court has convicted 40 defendants of different nationalities and eight companies on charges of forming a fraudulent organisation and engaging in illegal economic activities.
They prepared and designed a digital platform through which they committed fraud and engaged in money laundering.
The gang consisted of 17 Emiratis, 16 Iranians, two Indians, one Saudi, one Mauritanian, one American, one Greek and one Comorian.
The defendants have been sentenced to prison terms ranging between 5 and 10 years and have been collectively fined nearly AED860 million. All their assets and proceeds from the crime have been confiscated, and 23 expat convicts face deportation.
The convicted companies each have to pay a fine of AED50 million. Each of the 23 main defendants have been sentenced to 10 years in prison and fined AED10 million, while 11 been sentenced seven years and fined AED10 million. One defendant was sentenced to five years and fined AED10 million. Five others received a six-month jail term and fined AED20,000 each for collecting illegal funds.
