Saudi Gazette report

RIYADH — The anti-graft authorities in Saudi Arabia have unearthed a corruption case worth SR11.5 billion, involving bank officials among others.

In a statement, an official source at the Oversight and Anti-Corruption Authority (Nazaha) said on Wednesday that the authority in cooperation with the Saudi Central Bank began its operation following a tip-off about some bank employees receiving bribes from an organized gang consisting of a group of residents and businessmen for depositing cash sums of unknown sources then transferring them outside the Kingdom.

According to the source, after conducting field investigations and analyzing bank accounts of commercial entities involved in the transactions, the authority found out of a total of over SR11.59 billion was transferred outside the Kingdom.

Subsequently, five residents were arrested while heading to a bank to deposit over SR9.78 million in cash.

The authority’s officials also apprehended seven businessmen, 12 bank employees, a non-commissioned officer in one of the region's police departments. It also nabbed five citizens, and two residents were arrested for their involvement in bribery, forgery, and exploiting their positions for illicit financial gain, commercial concealment, and money laundering.

The source presented the details of the case as follows:

1. A businessman established a number of fake commercial entities under his name and the name of his wife and son.

He later opened bank accounts, enabling residents to use those accounts in exchange for a monthly payment.

The accounts were used by residents to deposit cash sums of unknown source and transfer them abroad with the collusion of bank employees in exchange for receiving money and gifts.

The businessman paid an amount of SR300,000 to a non-commissioned officer in a police department in exchange for stalling his case that involved suspicious financial dealings and paid SR4 million to citizens (mediators) for their efforts to stall the same case with the Public Prosecution.

2. Five businessmen established a number of fake commercial entities, opened bank accounts, and enabled residents to use those accounts in exchange for a monthly payment that they obtain.

The accounts were used by residents to deposit cash sums of unknown source and transfer them abroad with the collusion of bank employees in exchange for receiving money and gifts.

3. The “manager of a bank branch" established a number of fake commercial entities, opened bank accounts, and enabled residents to use those accounts in exchange for a monthly payment that he gets. The accounts were used by residents to deposit cash sums of unknown source and transfer them abroad with the collusion of bank employees in exchange for receiving money and gifts.

4. A businessman brought in an expatriate and enabled him to work in business inside the Kingdom in exchange for a monthly payment.