A court of cassation in Abu Dhabi has sentenced a man from another Gulf country to two years in prison and fined him Dh500,000 after he was found guilty of money laundering by running illegal businesses.
Earlier, a lower court had sentenced the defendant to 7 years in prison, prompting him to appeal the verdict. The court of appeals reduced the jail term to two years and it was upheld by the court of cassation.
The man was accused of raising nearly Dh53 million from clients for an investment portfolio he had set up without permission from authorities.
He was also charged of using his car sale firm as a cover for his illegal investment operations.
