Saudi Gazette report

RIYADH — Security forces have arrested five Saudis for their illegal transfer of money amounting to more than SR11 million.

Maj. Khaled Al-Karaidis, assistant media spokesman of Riyadh police, said that the security authorities were able to apprehend five citizens who were in their 30s and 40s and allegedly involved in carrying out illegal bank transfers to an Arab national residing outside the Kingdom.

They were found involved in the illegal practice of creating fake electronic platforms impersonating names and trademarks and marketing them through social media accounts. They conducted as many as 120 fraud operations, collecting money amounting to SR11,856,259, which were later transferred to an account outside the Kingdom through Bitcoin digital currency.

The security authorities have completed the necessary procedures to issue a warrant against the accused outside the Kingdom through the Saudi Interpol, while all legal measures have been taken against the detainees to refer them to the Public Prosecution, the Saudi Press Agency reported.