The Money Laundering and Tax Evasion Court of the Judicial Department in Abu Dhabi has convicted four defendants, all of whom are Filipino, and a company owned by one of the accused, with committing the crime of money laundering and fraud on 4000 victims of the same nationality, and seizing their money by accusing them of investing in the gold trade.
The court ruled to punish the four defendants: (B.B.L), (J.B.L), (C.R.S), and (J.P.A.), with five years imprisonment for each of them, with each of them committing a fine of 10 Millions of dirhams and deportation from the state after the execution of the penalty, in addition to a legal ruling on the convicted company, which specializes in the jewelry trade, to fine it an amount of 50 million dirhams, and to confiscate the seizures that included 7,430 grams of 18-carat gold, amounting to more than one million and 370 thousand dirhams.
The Public Prosecution referred the four defendants to the Criminal Court competent to look into money laundering crimes on charges of money laundering and appropriation of the victims’ money, based on investigations that revealed a gang formation that includes the four defendants, and works to promote a phantom investment in a jewelry trade company owned by one of the accused, using Its website called (JAM).
The investigations showed that the defendants targeted their victims from the Philippines, through advertising publications, videos and competitions that are published on the website and social media, by accusing them of investing in the gold trade by subscribing to the website, with each subscriber being obligated to pay an amount of 2000 dirhams for the subscription.
The fraudulent methods used by the defendants included luring the subscribers to persuade others to participate by giving the subscriber 1,000 dirhams for each new subscriber he brings, which is a fraudulent method based on the idea of a turnover of the sums collected from each subscriber, without the participants, who numbered 4000 victims. , On interest for the subscription they paid.
It is noteworthy that the money laundering and tax evasion court was established by a decision of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, Head of the Judicial Department in Abu Dhabi, as part of the implementation of the Judicial Department’s strategic priority of enhancing the effectiveness and efficiency of litigation, and ensuring The criminal justice system, in order to achieve the goal of a just and prompt justice
Protecting the national economy
The Judicial Department in Abu Dhabi confirmed that arresting the accused in this case and bringing them to justice comes within the framework of the state’s efforts to combat money laundering crimes, noting the integration of efforts between the various judicial, executive and financial authorities within a preventive oversight system, which effectively contributed to protecting the national economy, by limiting From money laundering operations and deterring any suspicious financial activity, stressing that the state has an integrated and flexible financial legislative system, and a specialized judicial structure in the field of combating money crimes.
The department called on the public not to be led by false advertisements and false temptations, and to report any suspicious activity in this context, stressing that society in all its groups is directly responsible for protecting economic and social security, as reporting is an individual and collective responsibility, and constitutes a real contribution to strengthening the capacity of the various stakeholders. To face these crimes.
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