Trader cleared of laundering Dh278 million in Ras Al Khaimah

Ras Al Khaimah: A Ras Al Khaimah Misdemeanour Appeal Court has cleared an Asian trader from charges of laundering Dh278.43 million which he was alleged to have obtained through three companies outside the country.

The Ras Al Khaimah Public Prosecution earlier charged the suspect with hiding the money the bank of his company within the UAE, which was discovered later.

The Ras Al Khaimah Misdemeanour Court found the suspect not guilty and ordered his acquittal. However, the public prosecution appealed the verdict, which sentenced him to two years in jail followed by deportation.

The court also slapped the defendant with a fine of Dh500,000, and ordered the confiscation of Dh10 million from his three companies as per the report of the assigned committee.

Dissatisfied with the ruling, the court approached the cassation court which sent it back to another chamber court of appeal. The latter found the defendant not guilty, dropped the earlier rulings, and cleared him of all charges.

Court records show that the case unfolded when the anti-money laundry unit of the UAE Central Bank was alerted that the defendant had carried out 20 suspicious bank transfers, worth around Dh285 million.

Salem Al Kait, the suspect’s lawyer, appealed before the Court of Cassation, which ruled that the ruling was overturned and returned to the Appeals Court to consider the case again. The case was heard by different courts until the suspect proved to be innocent and the appeal court issued its verdict.