Prosecution Service: Group involved in money laundering sentenced to 52 years in prison and fined SR62.5 million


Riyadh — An official source at the Public Prosecution said that investigations into economic crimes at the Public Prosecution revealed the involvement of a gang of 11 members (two citizens and nine residents) in the commission of money laundering crimes.

They violated the Concealment Act by using several business entities and their branches to receive and transfer money from unknown sources from their bank accounts totaling over SR10 billion.

The source added that the public prosecutor’s investigation filed a lawsuit against the perpetrators and a first verdict was issued by the specialized court with prison sentences totaling 52 years and fines of 62, 5 million SR,

The PP confiscated money and assets in the investment wallets which were seized with their total assets of SR1,672,862, and deported the residents of Saudi Arabia after serving their prison term and banning the citizens to travel for periods similar to their sentences.

The source said that the prosecution has engaged in proceedings to object to the terms issued on a tougher sentencing order against the criminals.

It is in the achievement of the public interest to protect the local economy and to deter all those who intend to undermine financial security in banking transactions. — SPA

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