Court acquits 3 Kuwaitis of obscene usury and money laundering

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Millions lent out on huge interests

KUWAIT CITY, Aug 25: The Criminal Court acquitted three Kuwaiti men and women who were accused of obscene usury and money laundering amounting to KD 2 million and 417,000, reports Al-Anba daily. The Public Prosecution had charged the first accused with carrying out a money laundering operation with the aforementioned amount, knowing that these funds were obtained from the crime of lending money to the victims at obscene interest.

He conducted the cash delivery and transfer of these funds from his accounts in a local bank and the account of his minor daughter, while deliberately possessing, acquiring and using money in his accounts with this bank as well as other banks, with the aim of disguising and concealing the truth behind those funds and their illegal source. He showed them in the form of funds and returns obtained from a legitimate source as appeared in the investigations.

The prosecution also charged the first accused with exploiting the need of the victim and others who had not been informed that he had lent them money at obscene interest by obtaining from each of them the amounts specified in the papers in excess of the amounts that he had loaned to each of them, as indicated in the investigations.

The Public Prosecution charged the second, third and fourth defendants with participating by assisting the first accused in committing the crime based on two clauses. The first clause indicated that they assisted him in committing the crime of money laundering resulted from lending money to the victim at obscene interest.

The fourth defendant received in her bank account a cheque issued by the said victim for the amount of the loan and interest, totaling KD 48,100 deposited by the second accused in her account at the request of the third accused. They reused it for the first accused, so the crime took place on the basis of this assistance as indicated in the investigations

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