79 people sentenced for fraud and money laundering

The Abu Dhabi Criminal Court, which has jurisdiction over the crimes of money laundering and tax evasion, convicted an organized criminal group made up of 79 people of different nationalities, which had specialized in Internet fraud using fake URLs (Uniform Resource Locators) of a Chinese website. offering securities brokerage and trading services and using deception to trick their victims into investing in securities with the aim of appropriating the value of their investment, in addition to committing the crime of money laundering in order to conceal the source of the sums received.

The court ruled, in the presence, against 66 defendants and, in absentia, against 13 others who were part of the same criminal enterprise, which included 72 Chinese nationals, 1 Jordanian, 2 Nigerians, 2 Cameroonians, 1 Ugandan and 1 Kenyan, the condemning to prison terms ranging from 3 to 15 years with expulsion from the country after serving their respective sentences, and fines ranging from 200,000 to 10,000,000 dirhams for each defendant, with confiscation of all funds seized from the defendants, as well as confiscation of their bank assets, real estate, cars, computers, cell phones, watches and jewelry.

In terms of the details of the case, the defendants were involved, together with another unknown defendant, in falsifying the internet protocols of a China-based securities trading website, using an address fictitious belonging to others with the intention of defrauding the victims who were incited to invest in transferable securities, and therefore to appropriate their funds, facts which were followed by the commission of money laundering offenses in order to conceal the truth about the origin of these products.


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