A gang seizes victims’ money and turns it into fake currency “Fuin”

The Abu Dhabi Criminal Court, which has jurisdiction over crimes of money laundering and tax evasion, convicted 40 defendants of different nationalities and eight companies on charges of forming a gang organization and practicing economic activity without a license, by preparing and designing an information technology means and using it to commit the crimes of fraud and money laundering. Money, and sentenced them to prison terms ranging from 5 to 10 years, and fined them about 860 million dirhams, with the confiscation of all funds and proceeds from the crime, and the deportation from the state of the convicted non-citizens, who numbered 23 defendants.

In details, the court ruled against those convicted on charges of fraud and money laundering, obligating the convicted companies to pay a fine of 50 million dirhams for each of them, and also sentenced 10 years in prison and a fine of 10 million dirhams for each of the main defendants, who numbered 23 defendants, in addition to seven years in prison and a fine of 10 million dirhams for 11. Accused, five years imprisonment, and a fine of 10 million for one accused.

The court also ruled to punish five defendants with six months imprisonment and a fine of 20,000 dirhams for each of them, for convicting them of obtaining seized items under circumstances that lead to belief in their illegality.

The details of the case are due to the receipt of information to the security services about a gang formation consisting of a group of people, including 17 Emirati, 16 Iranian, and two Indian defendants, in addition to one defendant from each of Saudi Arabia, Mauritania, America, Greece, and the Comoros, who are carrying out fraudulent operations and engaging in economic activity without… Licensing and money laundering offences.

Investigations revealed that this formation fabricated, in fact, a project for automated trading in the stock market with the funds of participants and shareholders, and they deceived the victims of obtaining profits ranging between 16 and 18% per month from the invested capital, in addition to providing the possibility of manual trading of shares, if the shareholders wished. Through companies and natural persons in the country, the gang then announced the transfer of the victims’ capital and money into fictitious digital currencies, which they called “Voin,” thus preventing investors from recovering their capital.

By referring the case to the Public Finance Prosecution in Abu Dhabi for jurisdiction, the investigations and investigations revealed that the formation took over the management of unlicensed organizations during the years from 2015 to 2017, and it was also found that the organization headed by the accused in the Middle East (M.R.A.K.) is Iranian. It relies on complex crime methods, where its members are linked in a hierarchical manner, such that the other accused only know the person above them in the organizational pyramid.

In terms of the methods used in the fraud, investigations have shown that the accused do not receive checks or money transfers from the victims, to remove suspicions from them, as all their operations were carried out by receiving the money in cash, in addition to creating groups and teams for organization, organizing training courses, and holding huge parties, attended by International artists.

• The Money Laundering Court issued prison sentences for all defendants and fines of 860 million dirhams.