8 individuals, 3 firms convicted in Dubai for money laundering

A court in Dubai has convicted eight individuals and three companies for cyber fraud and laundering of around AED 14 million in stolen funds.

Investigations by Dubai Public Prosecution found that the defendants hatched an elaborate plot to hack into a company’s bank account and launder the stolen money. 

One of the defendants hacked into a company’s bank account and fraudulently transferred money into his own firm's account.

"The other convicted individuals assisted the first defendant in conducting a series of illegal transactions to transfer and launder the money as well as conceal the crime and source of funds," said Counselor Ismail Ali Madani, Senior Advocate General, Chief of Public Funds Prosecution.

The Dubai Misdemeanor Court sentenced the first defendant to three years in jail followed by deportation.

The rest of the accused were handed jail terms ranging from six months to one year followed by deportation.

Two of the defendants were also fined AED 20,000 each.

Furthermore, the Court imposed a fine of AED 300,000 on each of the three convicted companies involved in the crime and ordered them to return more than AED 9 million stolen through cyber fraud to the victim’s company.

Madani stated that the accused were arrested and brought to justice due to the swift and effective action taken by the Dubai Public Prosecution and the strong cooperation between local and federal authorities involved in combating money laundering and terrorist financing.

Eight individuals and three companies convicted for cyber fraud and money laundering crimes in #Dubaihttps://t.co/Bj4ZepDlpc

— Dubai Media Office (@DXBMediaOffice) August 21, 2021