Kuwait sentences 2 to 7-year jail in a major online trading fraud

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KUWAIT CITY, Feb 6: In a landmark ruling, the Criminal Court has sentenced two individuals to seven years in prison with hard labor and deportation for their involvement in one of the largest cases of fraud in online trading. The verdict comes after the defendants, a 53-year-old Arab resident and a 26-year-old African national, were found guilty on charges related to money laundering, fraud, and appropriation.

The case unfolded after a citizen reported being defrauded and having 157,000 dinars seized from him. The victim fell prey to the defendants’ scheme, which lured him into financial trading via electronic platforms with promises of guaranteed and quick profits. The security services were alerted to the fraud after the victim reported receiving a call inviting him to trade through external platforms. He was duped into opening his wallet and providing a secret number on a fake platform, resulting in the loss of his funds.

Upon investigation, it was revealed that the defendants operated within a larger network based in a nearby European country, involving five other individuals, including two Europeans and several young men and women of different Arab nationalities. The Public Prosecution charged the accused and unidentified accomplices with various offenses, including money laundering and misuse of telecommunications.

The victim’s representative, lawyer Alaa Al-Saeedi, emphasized the importance of reporting such crimes to the authorities, urging victims not to despair and to seek assistance from law enforcement agencies. Al-Saeedi also advised individuals interested in electronic trading to use reliable and approved platforms sanctioned by the authorities, cautioning against falling prey to fraudulent schemes.

The court’s ruling serves as a warning against the proliferation of electronic trading fraud and underscores the need for vigilance and oversight in the digital marketplace.

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