Money laundering gang sentenced to over 100 years, have SR465 million confiscated from them
ARAB NEWS, 10 April 2021
RIYADH: A money laundering gang in Saudi Arabia has been sentenced to a total of 106 years in prison and issued a fine of SR1.08 million ($288,000).
Around SR5 million was seized from the gang and nearly SR2 million was confiscated from their bank accounts, Saudi Press Agency (SPA) reported.
Five citizens obtained seven commercial registers to import foodstuffs, opened bank accounts, and handed them over to 16 residents of Arab nationality with the aim of depositing illegal sums of money and transferring them abroad, the Public Prosecution said.
A sum of more than SR465 million was also confiscated and is similar to the amount of money that was transferred abroad. Saudi members of the gang will be subject to a travel ban and non-Saudi members will be deported once they have served their sentences. Work is underway to prepare a mandate to recover funds from the countries to which they were transferred, SPA said.
