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.
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