Abu Dhabi’s Criminal Court which has the authority over crimes of money laundering and tax evasion, has convicted an organized criminal group consisting of 79 people from different nationalities, of internet fraud by using fake URLs (Uniform Resource Locators) on a Chinese website that offers securities brokerage and trading services

The convicts lured their victims to invest in securities with the aim of appropriating the value of their investment, in addition to committing the crime of money laundering in order to conceal the source of the sums received.

According to WAM, the accused individuals were caught tampering with the internet protocols of a website based in China specialized in securities trading, using a fictitious address belonging to others, with the intent of defrauding the victims who were lured into investing in securities, and thus appropriating their funds, followed by the commission of money laundering crimes etc.

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The court ruled against 66 defendants in person and an additional 13 who were not present which included 72 Chinese nationals, one Jordanian, two Nigerians, two Cameroonians, one Ugandan, and one Kenyan. The convicts were sentenced prison terms ranging from three to 15 years, with some receiving deportation from the country after serving their sentences. They were also fined amounts ranging from AED 200,000 to 10,000,000 each with confiscation of assets.

79 People Convicted of Fraud and Money Laundering.#UAE_BARQ_EN

For more details: https://t.co/ezfHx4f8WG pic.twitter.com/CrvHIFUBWV

— UAE BARQ (@UAE_BARQ_EN) May 22, 2022