Five Saudis arrested over SR11.8m fraud

Cairo: Saudi police arrested five citizens who were allegedly involved in fraud deals worth SR11.8 million and transferred the money outside the kingdom, according to a security official.

The suspects, in their 30s and 40s, had transferred the money to an Arab national living outside Saudi Arabia, assistant spokesman for the Riyadh police Major Khaled Al Karidis added.

The suspects had set up fake electronic platforms bearing the names of trademarks that were illegally marketed on social media. They used them to carry out 120 fraudulent operations whereby they racked up a total of SR11.8 million that they transferred abroad in the virtual currency Bitcoin, the official said, according to the Saudi news agency SPA.

Legal procedures have been finalised to issue an arrest warrant for extraditing the sixth accomplice living abroad, he added.

The five others are in custody and will be referred to the public prosecution.