Saudi charged with committing financial fraud worth SR69 million
Prosecutors say the defendant also seized properties through false impersonation
Cairo: Saudi prosecutors have referred to a court trial an apprehended citizen charged with committing financial fraud worth SR69 million.
The referral came after the financial fraud prosecution had interrogated the man charged with impersonating another person, seizing several properties in Riyadh, and defrauding sums of money totalling SR69 million from one victim, after duping him into fake investment and commercial partnerships.
The case was sent to the court with a bill of indictment, along with a request from prosecutors for issuing tough penalties against the defendant. No date was set for the start of the trial.
Last month, Saudi Arabia's anti-corruption watchdog said a citizen had been arrested for illegally obtaining SR493 million in bank financing in collusion with others.
The Oversight and Anti-Corruption Authority said that in cooperation with the Presidency of State Security and the Saudi Central Bank, the man had been apprehended for having colluded with a local bank employee in defrauding bank systems and acquiring financing totalling SR493 million.
The main suspect had applied for getting financing by submitting false title deeds and contracts.
Last year, Saudi Arabia established a prosecution branch to handle cases of financial fraud in a step aimed to fast-track related procedures. This branch is manned by prosecutors specialised in handling such fraud crimes.
Saudi prosecutors have reported several cases of fraud over recent months.
In October, a Saudi court convicted two expatriates of involvement in 177 financial fraud operations amassing SR22 million, and sentenced them to 15 years in prison each.
The convicts had also been ordered to pay fines of SR1 million and SR500,000 respectively and will be deported from the kingdom after serving their terms.
