KUWAIT CITY, Jan 27: In a case related to real estate fraud and money laundering, the Criminal Court sentenced an Iraqi expatriate to seven-year imprisonment and a Kuwaiti citizen to two year imprisonment with hard labor, fined them jointly a sum of KD 128 million, and ordered them to pay compensation of KD 5,001 to each of their victims, reports Al-Anba daily. The Public Prosecution had referred the defendants to trial on charges related to money laundering of KD 64 million and 294,000 which were collected from the victims for the purpose of investing in the real estate field through the two defendants’ companies.
Later, the money was transferred to the defendants’ accounts with the purpose of disguising and concealing their source. The two defendants were accused of fraud and misappropriation of KD 3 million and 379,000 using fraudulent methods by deluding the victims about the existence of a false project and creating hope for a false profit by announcing in the media outlets the opening of the door to invest in real estate with their companies through the sale and purchase of chalets.
The counsel to some of the plaintiffs Lawyer Ali Al-Ali affirmed that the accusation against the defendants and their criminal intent were proven through them committing an act of fraud and deceiving the victims in order to make them surrender their money.