13-men face with money laundering charges in Saudi Arabia

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KUWAIT CITY, Nov 27: The Financial Fraud Prosecution in Saudi Arabia concerning a criminal organization comprising 13 defendants accused of financial fraud, money laundering through the information network, and violations of the electronic transactions system.

According to Saudi News Agency (SPA), the investigations uncovered that the accused engaged in financial fraud against multiple victims by creating deceptive electronic links and sending them to unsuspecting individuals.

They illicitly accessed government accounts through these links, issued legitimate power of attorneys without the victims’ knowledge, and transferred funds from their bank accounts to conceal the source of the money, either by moving it to other accounts or depositing it into the account of a commercial entity with the aim of transferring it outside the Kingdom.

The investigation procedures also revealed that the organization defrauded victims of approximately 16 million Saudi riyals (around 4.226 million dollars), along with seizing more than 600 thousand riyals in cash. Additionally, various cash sums in different currencies and amounts in their accounts and the accounts of a business entity were confiscated.

In response, the Public Prosecution issued arrest orders, and the defendants have been referred to the competent court for legal proceedings.”

This news has been read 464 times!

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