Abu Dhabi: A money laundering gang was jailed for 24 years and fined SR140 million for illegally transferring funds abroad, a Saudi court has ruled.
“The gang, composed of a citizen, and three expatriates, shared roles among them. The Saudi man created commercial records for commercial entities that did not exist on the ground, then opened bank accounts and handed them over to expatriates, who collected money illegally, deposited them in these accounts, and transferred more than 140 million riyals abroad, which constitutes a full-fledged money laundering crime,” a source at the Public Prosecution said.
A court ruling was issued convicting them and imprisoning them for periods of 24 years, preventing the citizen from travelling for a period similar to his jail time, and deporting foreign suspects from the country after serving terms.
The court also ordered confiscation of other illegal funds that were found hidden inside a hot beverage dispenser, amounting to 2.5 million riyals, according to the court records.
