Saudi sentenced to 5 years in prison, fined SR300,000 for issuing 22 bounced cheques worth SR12 million
The accused deceived victims by convincing them to invest in fictitious tenders
Dubai: A Riyadh court has sentenced a Saudi man to five years in prison for issuing 22 bounced cheques worth 12 million riyals, according to local media.
The accused deceived victims by convincing them to invest in fictitious tenders. The court fined him SR300,000 and ordered the return of the defrauded amount to their rightful owners.
Upon his arrest and referral of the accused to the competent court, substantial evidence was presented, leading to his conviction.
The Public Prosecution, represented by the Financial Fraud Prosecution, conducted investigations that revealed the accused issued cheques without sufficient funds in bad faith. Consequently, he was charged with violating the Anti-Financial Fraud Law and the Commercial Papers Law.
The Public Prosecution emphasised the severe penalties for financial fraud and the legal protection of commercial cheques, warning that such acts will result in immediate referral to competent courts for strict legal sanctions.