SAUDI ARABIA

SR740m recovered from a gang of three practicing commercial cover-up

February 27, 2021
The Economic Crime Investigation Department of the Public Prosecution has smashed the illegal activity of a citizen who was involved in a commercial cover-up operation with two residents.
The Economic Crime Investigation Department of the Public Prosecution has smashed the illegal activity of a citizen who was involved in a commercial cover-up operation with two residents.

RIYADH — The Economic Crime Investigation Department of the Public Prosecution has smashed the illegal activity of a citizen who was involved in a commercial cover-up operation with two residents. The gang of citizen and residents were caught transferring the funds obtained from the establishments abroad.

An official source at the Public Prosecution confirmed that the Economic Crime Investigation Department has completed its investigations, which revealed that a citizen and two residents were involved in illegal transfer of funds.

The citizen established two commercial establishments in addition to enabling two persons of African nationality to exploit them to pass illegal funds obtained from commercial cover-up operations and transfer them abroad, in exchange for a sum of money paid to the citizen.

The Public Prosecution investigations resulted in the issuance of a final ruling that led to the imprisonment of the accused for periods exceeding 16 years and a fine amounting to SR168,000.

The probe led to the seizure of about SR740 million (SR739,990,495), banned the citizen from traveling for a period similar to the ruling issued against him and preventing him from practicing commercial activity for a period of 5 years.

The ruling also issued deportation orders for the accused expatriates from the country after serving their prison sentences, canceling commercial records, collecting zakat, taxes and fees due from the accused. The ruling was also published in two local newspapers, as the legal procedures was said to be ongoing to track money abroad.

The source emphasized that the Public Prosecution, in cooperation with the competent authorities, is continuing to fight all that affects the nation's economy and interests, and will not hesitate to file a public case against those who tamper with the security of the economy and demand the most severe penalties that would punish them while also deterring others. — SPA


February 27, 2021
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