Abu Dhabi: Nine sentenced to 10 years in jail for money laundering

Wednesday, 28 July 2021 21:35

By ARN News Staff

A court in Abu Dhabi has sentenced nine individuals to 10 years in jail for money laundering and running a cryptocurrency trading scam.

They were found guilty of possessing AED 18 million through fraudulent means.

The Abu Dhabi Criminal Court fined them AED 10 million each, while six companies involved in the illegal activities were fined AED 50 million each.

The defendants had lured people into investing in a shell company specialised in digital currencies and shares, with the promise of high returns.

Authorities launched an investigation after being tipped off by one of the victims.

The court ordered the seizure of the defendants’ funds and assets, while eight of the individuals will be deported after serving their sentences.

More from Business

ADNOC Distribution reports $579 million net profit in first 9 months

ADNOC Distribution has reported a net profit growing by 15.6 per cent year-on-year to $579 million in the first nine months, with an EBITDA increase of 12 per cent to $885 million, its strongest performance since listing in 2017.
TECOM Group’s 9-month shows 20% revenue growth

TECOM Group has announced a 20 per cent revenue growth reaching more than AED 2.1 billion, with a net profit exceeding AED 1.1 billion, marking an 18 per cent year-on-year increase.
DFM reports 212% increase in net profit before tax to AED930.8 million

The Dubai Financial Market (DFM) has announced its consolidated financial results for the nine months ending September 30, reporting a net profit before tax of AED 930.8 million, an increase of 212 per cent compared to the same period in 2024.
DMCC unveils plans for new financial centre

DMCC — Dubai’s leading international business district — has announced plans to create a new Financial Centre that will anchor trade finance, fintech innovation and digital asset solutions across its 26,000-member community.
UAE cuts key interest rate by 25 basis points

The Central Bank of the UAE (CBUAE) has decided to cut the Base Rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points, from 4.15 per cent to 3.90 per cent, effective from Thursday, October 30.

UAE launches aid mission for hurricane-hit Caribbean nations
The UAE has launched an urgent humanitarian mission to assist communities affected by Hurricane Melissa, which devastated parts of Jamaica, Haiti and Cuba.
New paid parking zones introduced in Dubai
Dubai’s public parking operator Parkin has announced the introduction of new paid parking zones in two key areas of the city.
H.H. Sheikh Khaled holds talks with South Korean President
His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, looked at ways to advance cooperation with South Korea in key sectors during talks with President Lee Jae-myung in Gyeongju.