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KUWAIT CITY, Dec 30: The Criminal Court sentenced in absentia a Kuwaiti woman, identified as “B.M.”, and an Egyptian fugitive, to seven-year imprisonment each with hard labor, and obliged them to return KD 28 million, $361,000 and 642,000 Euros in the second largest case of real-estate fraud involving KD 19 million and money laundering of KD 28 million through student housing in the UK.
The court also ruled that the second defendant, following the completion of his sentence, will be deported. The defendants were charged with laundering KD 28.9 million, $ 361,000 and 642,000 Euros, and scamming 29 citizens by selling them fake apartments. The incident occurred during the period from January 1, 2014 to March 1, 2019.
The two accused committed the aforementioned money laundering crime, and the legitimate source of the money was not proven and it was deposited in their accounts and other accounts with Kuwait Finance House, the National Bank of Kuwait, Commercial Bank of Kuwait, Gulf Bank, and Boubyan Bank. They also made transfers to disguise and conceal their illegal source.
The accusations include appropriation of KD 1,927,800 and 226,337 Euros by using fraudulent methods to delude the victims of the existence of a project and create hope for a fake profit by announcing the opening of the door to real estate investment in several countries through the “Smart Target Company” and “Smart Buildings Company” in exchange for high profit returns
By Jaber Al-Hamoud Al-Seyassah Staff