Riyadh, Nov 15: Saudi authorities discovered a significant amount of money and 25 kilograms of gold biscuits in the basement of the home of 57-year-old entrepreneur Mohammed Al-Nuaimi. Al-Nuaimi was found to have been investing substantial amounts of money in both the stock market and digital currencies. He was also found to have a lavish property spanning thousands of square meters that he had managed to keep hidden for an extended period.

The suspect claimed that he had declared all the bullion to the General Authority but through a different avenue. He began converting the money into gold bullion and hiding it. Following hours of interrogation, the suspect was released after paying value-added taxes on the money to the public authority. It was revealed that dealing with companies specializing in currency and stock investment is widespread in the Gulf region, with numerous media personalities, celebrities, affluent individuals, and capital owners in the Gulf region depositing millions of dollars to pursue profits and capital growth by following market recommendations with the assistance of consultants and staff. This practice is prevalent across multiple countries in the region