Al Hayat

 

 

Okaz newspaper recently published a surprising and shocking news story about an expatriate worker aged 25 who is unemployed yet filthy rich.

 

This man is an Arab but his nationality was not mentioned. The authorities found that he had SR2 billion in his bank account. During the course of this year alone, there were transactions carried out through his account totaling half a billion Saudi riyals.

 

As a result he was naturally detained and investigated by the Bureau of Investigation and Prosecution. During preliminary investigations, he told officials that he owned a business in Dubai. His request for bail was denied.

 

The Saudi Arabian Monetary Agency (SAMA) and banks have held seminars and courses over the past few years warning against money laundering. The agency ensures that account holders update their personal information and provide information about their relatives and their average income. If the information is not provided, then accounts are immediately frozen.

 

This procedure has been in force for years. The question that arises is how, in light of this, the total deposits into this expatriate’s account could have reached such an enormous figure. Has the Financial Investigation Unit been monitoring the account? What role did this man’s bank play in all of this? The news story did not provide specific information about whether the huge amount was deposited into the account of one bank or several banks.

 

I never imagined that an unemployed person could have such a large bank balance. However, it seems that strange things do occur in the world of business. The question remains whether we will hear about similar news stories in the future?