The Abu Dhabi Criminal Court has fined a 40-member gang between five and 10 years in jail for money laundering activities and committing frauds through stock markets.
The defendants of various nationalities were also jointly fined AED 860 million and eight companies that were involved in the illegal activities were fined AED 50 million each.
The gang told the victims that their investments were converted into digital currencies which they called ‘Foin’, who later realised that this was a bogus investment and lost their capital.
The Abu Dhabi Criminal Court sentenced 23 of the main defendants in the case to 10 years in prison and a fine of AED 10 million each. Also eleven of the defendants were given seven years in jail each and fined AED 10 million after they were found guilty of money laundering and financial fraud.
A five-year-jail sentence was given to one of the defendants and he was fined with AED 10 million. Five others were sentenced to six months in prison and fined AED 20,000 for obtaining cash illegally.
As per the Court documents the security agents were tipped off about the gang that had 17 Emiratis, 16 Iranians, two Indians, a Saudi, a Mauritanian, an American, a Greek and a Comoros Island national.
According to prosecutors said the group engaged in financial fraud, money laundering and carried out economic activities without licenses and investigations further revealed that the gang lured scores of people into investing in their portfolio,.
The gang received money from investors and shareholders after promising them 16-18 per cent profit.
