Picture used for illustrative purpose only.
Gulf Today, Srafff Reporter
The Abu Dhabi Criminal Court has convicted nine defendants and six companies for possessing Dhs18 million through fraudulent means using a computer-based process.
Four of the accused of different nationalities were sentenced in in their presence and the other 5 accused in absentia, to ten years in jail and a fine of Dhs10 million each.
All except the second accused will be deported, once their sentences were served.
The court also sentenced the companies to a fine of Dhs50 million each, with the seizure of the funds involved in money laundering.
Victims were conned by the fake scheme and were exhorted to invest in a shell company, which the accused claimed specialised in trading digital currencies and has shares in the global markets.
Up to 30 per cent of quick profits was promised in a week and from time to time victims were encouraged to raise the ceiling of their so-called investments to increase profits.
One of the victims got suspicious after defendants set a condition for the disbursement of the said profits to pay a tax.
The victim tipped off the competent authorities.
The Abu Dhabi Public Prosecutor's Office initiated investigations, which led, after research and enquiries by the relevant authorities, to the discovery of a fraudulent organisation that specialised in swindling the victims and attempting to conceal their origin using inter-bank transfers.
The Ministry called on the companies practicing such activities to enhance their awareness and knowledge on the risks of money laundering and keep pace with the government's efforts in this regard.
CBUAE’s examination findings revealed that the exchange house had a weak compliance framework to prevent money laundering and financing of terrorism.
The Federal Decree No. (20) of 2018 on anti-money laundering and countering the financing of terrorism is a fundamental pillar and contributes to raising the effectiveness of the legal and institutional framework of the nation to achieve desired results, in line with the requirements and recommendations of the Financial Action Task Force (FATF).
Sheikh Mohammed also announced the new government strategic approach that will lay the foundations of work for the next 50 years.
Sheikh Mohammed wrote on Twitter: "Brothers and sisters... after consulting with my brother Mohamed Bin Zayed and the President of the State, we announce today the new ministerial formation of the federal government in the UAE... and with the new formation we also announce a new methodology for the federal government work for the fifty."
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