UAE: Court condemns 18-member gang for money laundering

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UAE: Court condemns 18-member gang for money laundering

The Dubai Criminal Court found a gang of 18 people of various nationalities guilty of laundering Dhs185 million between 2014 and 2020 by utilizing three businesses they set up after taking monies from customers of a GCC law firm.

The court condemned four persons to three years in prison and deportation after serving their sentences, while eight others were sentenced to one year in prison and deportation. Two of them were fined Dhs20,000, while the other four were found not guilty.

The court ordered that all of the suspects’ assets be confiscated in the amount of Dh113,650,000, which is the worth of the monies received from the crime, and that the three companies created by the convicted be fined Dh500,000. The primary defendant in the first case of breach of trust was found not guilty.

According to the court documents, a GCC lawyer discovered the deception of the head of the Intellectual Property Department in an office affiliated with him, who seized the office’s fees from clients and set up three companies to deceive clients and collect office fees from a major car agency in the country.

Conniving with others, the main offender in the money laundering case allegedly snatched Dhs185 million from the office of the GCC lawyer. He also established other companies in various nations through which he collected office fees in collaboration with a manager from a car manufacturer in a European country, who facilitated the transfer of office payments to the suspect’s private company.

The gangsters allegedly controlled agencies for international brands in several countries and printed receipts in the name of their companies as one of the branches of the GCC Lawyer’s Office, resulting in millions of dirhams being transferred to bank accounts belonging to people in several countries, according to the case papers.

In addition, three gangsters illegally transported millions of dirhams through exchange bureaus within a short period of time. According to the investigation, one of the gangsters opened up multiple accounts in his home country, and three others moved $6 million to one of them and $2 million to another in order to conceal their crime and use the money in money laundering initiatives. KMB/Expat Media


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