Eighteen people of various nationalities have been convicted for their role in a massive embezzlement and money laundering scheme that defrauded a Dubai-based law firm of Dh185 million.
The Dubai Court of First Instance found the group guilty of stealing client funds, leaking sensitive commercial data, and setting up bogus companies inside and outside the UAE to cover their tracks. They also laundered the stolen money through three shell firms created specifically for the scheme.
Four of the defendants were sentenced to three years in prison followed by deportation, while the rest received one-year jail terms and deportation. Two were fined Dh20,000 each, while three companies tied to the fraud were fined Dh500,000 apiece. Four other individuals were acquitted due to lack of evidence.
Investigations revealed the group used forged documents, fake email addresses, and counterfeit stationery to pose as the law firm and deceive clients. They allegedly copied the firm’s client database, contacted international companies that had business with the firm, and rerouted payments into accounts they controlled.
Prosecutors said the funds were funneled through multiple bank accounts and disguised with complex transactions to obscure their origin. Authorities ordered the confiscation of assets worth Dh113.65 million, representing the laundered proceeds.
In a related case, one of the main defendants was acquitted of a breach of trust charge. The verdicts were later upheld by the Dubai Court of Appeal.
