Thursday , February 25 2021

7 years imprisonment for money laundering for owners of "fake automobile trade of province" – ZAE News



Oud Al Hazm

On Monday, the Abu Dhabi Misdemeanor Court sentenced four main defendants (four owners of the governor) into a criminal offense of money laundering related to the case known as the media, an "imaginary car trafficking portfolio" where they were sentenced to seven years in prison with a fine of 500 a thousand Dirhams and confiscation of seized amounts.

On Monday, the Abu Dhabi Misdemeanor Court sentenced four main defendants (four owners of the governor) into a criminal offense of money laundering related to the case known as the media, an "imaginary car trafficking portfolio" where they were sentenced to seven years in prison with a fine of 500 a thousand Dirhams and confiscation of seized amounts.

This decision is the second one issued by the Abu Dhabi Court within the past 20 days after the Court of Cassation, which has already found convictions in two departments of allegations of fraud and seizure of money by others and the pursuit of economic activity without the authorization of the competent authorities.

The four main defendants, owners of four portfolios in the case of "fraudulent car trafficking", are in line with the law to appeal yesterday to the convictions that the Abu Dhabi Court of Appeal and the Abu Dhabi Court of Appeal appealed yesterday.

The details of the case are returned to the State Prosecutor's Office, which accuses fraudsters, money laundering and economic activity without charge of the defendants. The investigation led to four independent automobile stores, each of which is led by one of the four main defendants, each of which collects, Notwithstanding the similarity in terms of the mechanism of functioning of the existence of intermediaries to promote these portfolios and the belief of the victims to invest through them.

Investigations also showed that the defendants seized investors' funds, bought luxury cars and typical car numbers, bought more property and shares, and one bought a 10 million dirham camel.

According to the documents on issues, the portfolio activity has started to be undisclosed for some time. The main defendant started individually his activity by purchasing one car to verify the amount added to the amount as a gain for the value of the car in order to sell and then use the repayment value of the Personal Debt to which he is liable.

When the check came, he bought another car in the same way as to pay the value of the first check, and then bought and purchased several cars in future checks and sold them in order to take advantage of the amounts. When he expanded his business, he hired several brokers to persuade concessionaires to invest in this activity of 2%; in contrast, there was no investment activity, but the money of a large number of traders was redistributed to other traders, which led to the expansion of the segment traders by increasing indebtedness and circulation among people.

In the next stage, the independence of the three main defendants is separate from the activity. They carried out the same activity for their own account in the same way and with a gain of up to 100% of the value of the sold car.

The marketing of bulk wallets advertised to the public and the promotion of these portfolios among people involves several ways, including social media.

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