A Dubai court has found a 30-member gang and seven companies guilty of money laundering and embezzlement, involving Dh32 million, in an online scam that targeted individuals and companies. This verdict was issued by Dubai’s Money Laundering Court, which sentenced the gang members to a combined 96 years in prison. They will be deported after serving their sentence.
Unprecedented Online Scam
The fraudulent operation involved the sending of over 118,000 phishing emails, impersonating banks and financial institutions, and tricking victims into transferring payments into the defendants’ accounts. The gang laundered the money by cashing it out, transferring it to other accounts, or using it to buy used cars to hide its illegal origin.
In addition to the prison sentences, the court ordered the culprits to jointly pay a fine exceeding Dh32 million and ordered the confiscation of computers and phones used in the crime. It also imposed a total fine of Dh700,000 on the seven companies involved in the case. If necessary, the court may seize the defendants’ funds or assets to cover the fine.
Combatting Money Laundering in the UAE
Senior advocate-general Counselor Ismail Madani asserted that the UAE authorities remain fully committed to fighting money laundering, online crimes, and scams that potentially undermine the national economy. The UAE has a robust system to investigate such offenses and maintains a high conviction rate.
From November 2022 to February 2023, UAE law enforcement agencies initiated 122 new cases, with public prosecutors investigating 109. During this period, the UAE reported a 94 per cent conviction rate in money laundering cases, indicating zero tolerance for such crimes.
In Summary:
- A 30-member gang and seven companies were found guilty in a Dh32 million online scam.
- The culprits were sentenced to a combined 96 years in prison and will be deported upon serving their sentence.
- They have been ordered to pay a fine exceeding Dh32 million, and their computers and phones were confiscated.
- The UAE reported a 94 per cent conviction rate in money laundering cases from November 2022 to February 2023.
This recent court decision reinforces the UAE’s commitment to clamp down on money laundering and online fraud, protecting its citizens and economy from such illicit activities.
