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SPA: A gang organization was arrested in Saudi Arabia on charges of money laundering and confiscation of 4 billion riyals

SPA: A gang organization was arrested in Saudi Arabia on charges of money laundering and confiscation of 4 billion riyals

Today, Monday, an official source in the Saudi Public Prosecution said that more than 4 billion riyals were confiscated from a gang consisting of a citizen and five expatriates of Arab nationalities on charges of money laundering.

The source explained – according to the Saudi Press Agency that the Economic Crimes Prosecution’s investigations revealed that the citizen extracted commercial records for a number of entities, opened bank accounts, and handed over the entities and accounts to residents, who in turn made huge financial operations “financial deposits and transferred them abroad”, and it was found that there are no customs imports for them. By checking the source of the funds, it was found that they resulted from crimes and violations of a number of regulations, as they were arrested and referred to the competent court on charges of money laundering that exceeded 4 billion and 290 million Saudi riyals.

He added that the ruling was issued containing the proof of what was attributed to them, and the ruling to confiscate a similar value of funds transferred abroad, confiscate the proceeds of crime from funds seized in bank accounts and commercial real estate, and fines amounting to 200 million riyals, and imprisonment for 10 years for the citizen, and prevent him from traveling for a similar period for a period of time. He was imprisoned, and expatriates were imprisoned for 25 years, and deported from the country after serving their sentences.

The source stressed that the Public Prosecution is continuing to protect the economy and financial capabilities, and that it will not tolerate in demanding tougher punishment for anyone who seeks to harm the country’s financial security.

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