Riyadh: The Saudi court sentenced 23 people who committed financial fraud to 111 years in prison. The court ordered them to pay a fine of 7.4 million dollars. 23 people, including a Saudi woman and her expatriate husband, were severely punished for committing financial fraud. The institutions related to the case were also closed. They were convicted on charges of financial crime and money laundering.
The court also ordered to confiscate the amount stolen from them through the crime. The court also ruled that the expatriate should be deported after serving the sentence. Meanwhile, international cooperative prosecution has started to recover the money smuggled abroad from the foreign countries. The move is to prosecute those who accepted such money.
An investigation into the incident was started after receiving information that many people were defrauded through financial fraud. Scammers invested in virtual currency, gold, oil and foreign investments. The expatriate, who is the husband of the convicted Saudi woman, acted as the main link of the fraud. He asked the victims to start financial, technical and business enterprises. Then, instructions were also given to open bank accounts for such institutions. In this way, he started controlling the bank accounts opened by them. Meanwhile, he stole the money from their bank accounts and smuggled it out of the country. Many women are among the victims of fraud. The investigation team found that the accused had recycled the money through the accounts of the victims. The accused had also created a website to store the fake deposit documents of the fraud victims.
STORY HIGHLIGHTS: Saudi authorities convict 23 people for financial fraud case