Saudi Riyal
Saudi Riyal banknotes. Image Credit: Bloomberg

Abu Dhabi: A Saudi money laundering gang was jailed for more than 60 years and fined SR8 million for illegally transferring SR593 million, a Saudi court has ruled.

The court also ordered confiscation of the convicts’ funds in local banks and their money kept in their homes, as well as mobile phones, laptops, personal computers used in the crime, and a firearm found in the house of one of the convict, according to the court records.

“The gang, composed of a female citizen, her brother, two other citizens and eight expatriates, shared roles between them, as citizens created commercial records for commercial entities that did not exist on the ground, and then opened bank accounts, and handed them over to expatriates, who collected money illegally and deposited them in these accounts, and transferred more than 593 million riyals abroad, which constitutes a full-fledged money laundering crime,” a source at the Public Prosecution said.