Final ruling in the “Fake Car Trading Wallet” case

The Abu Dhabi Court of Cassation ruled to overturn an appeal ruling issued against a Gulf man accused of money laundering and collecting more than 53 million dirhams from people under the pretext of investing it with a return of up to 70% annually, without obtaining a license from the competent authorities to collect money from others and invest it, and without Commitment to conclude any investment contracts with the victims, and the court ruled to cancel the appealed ruling due to its invalidity, and ruled again to punish the accused with imprisonment for two years and a fine. 500 thousand refunded them.

The details of the case are based on the case papers and what the investigations revealed that the accused has a car showroom and is carrying out an unlicensed activity of managing an investment portfolio, luring those who wish to invest their money and receiving sums from them to invest in exchange for profits under the guise of the showroom and other exhibitions as a cover for his activity, through operations. Fictitious buying and selling of cars, where the accused presents term checks that he pays in cash before their due date to avoid dealing with banks.

The Public Prosecution charged the accused with committing the crime of money laundering by replacing and concealing the truth of the proceeds, their source, their movement, and the rights related to them with the intention of concealing and camouflaging their source, by rotating the victims’ money and concealing the truth of their source by purchasing movables and real estate if he was aware that these funds were obtained from the crime of fraud and fraud, as follows: shown in the papers, and the prosecution demanded that the accused be punished in accordance with the articles of the federal law regarding combating money laundering crimes.

The court of first instance had ruled that the accused be punished for committing the crime of money laundering with imprisonment for a period of seven years, fine him five hundred thousand dirhams, confiscate the nine vehicles, and a cash amount of 53 million and 41 thousand and 413 dirhams, and confiscate all amounts belonging to the accused and present in his accounts in bank branches inside and outside the country and shown According to the report of the Central Bank, in addition to the confiscation of movables, documents and their seized copies, the description, value and amount of which are stated in the papers and their obligation. Penal fees.

The accused convict appealed the ruling, and the Abu Dhabi Court of Appeal ruled in his presence to accept the appeal in form and substance, canceling the appealed ruling regarding the confiscation ruling, canceling the confiscation as it was previously decided, seizing the seized funds pending the case for the benefit of the complainants (victims), and amending the appealed ruling regarding the prison sentence to imprisonment. The accused was sentenced to two years, the fine was upheld, and the convict was obligated to pay the fees. When the convict was not satisfied with the ruling, he appealed it in cassation, and the Court of Cassation ruled in The appeal was submitted to invalidate the initial and appellate ruling, and a session was set to consider the matter.

During the sessions of the Court of Cassation, the accused was asked about the charge against him and he denied it, while the Public Prosecution stuck to its requests during its speech, and the lawyer present with the accused presented an oral argument in which he explained that the matter was nothing more than a commercial transaction, and that the elements of the crime of fraud and money laundering were not present.

The court explained in its ruling that the accused, according to what was stated in the lawsuit papers, was able to collect an amount exceeding 53 million dirhams, all of this without a license from the competent authorities to collect money from others and invest it, and without the obligation to conclude any investment contracts with the victims.

She indicated that the accused was employing a number of people to publicize his fictitious activity, and to confirm his allegations in public and private places and through social media to attract investors from everywhere after making them believe that the accused was investing these amounts in various activities that generate huge profits, in exchange for a commission ranging from 2%. They receive up to 4% of the amount paid by the investor when he pays it into the wallet, or from the price of his car provided by him.

The court ruled to annul the appealed ruling due to its invalidity, and ruled again to convict the appellant for the crime of money laundering, punish him with imprisonment for two years and fine the amount of five hundred thousand, and oblige him to pay the legally due fee.