ABU DHABI, UAE: A group of 13 Indian nationals have been found guilty and sentenced to jail in the United Arab Emirates (UAE) for their involvement in illegal economic activities valued at Dh510 million.
As per the ruling from the Abu Dhabi Criminal Court, the Indian nationals as well as seven of their Companies were convicted of money laundering and tax evasion offences.
The ruling stated that they were found to have conducted economic activities involving the unlicensed provision of credit facilities through Points of Sale (POS) valued at Dh510 million.
Among them, four Indians were awarded jail sentence ranging from 5 to 10 years followed by deportation.
They were also ordered to pay fines ranging from Dh5 million to Dh10 million while companies involved in the crime were each fined Dh10 million.
The investigations revealed that the group had set up a “criminal organisation” and used the headquarters of a travel agency to carry out unlicensed economic activities through which they had reportedly gained over half a billion dirhams, the Khaleej Times reported.
The Indian group ran an elaborate racket to launder money. They would pay customers in cash and then use their credit cards to make fake purchases through their companies’ POS.
In some cases, they would go as far as help customers settle credit card debts by depositing cash into their accounts, making another fraudulent POS transaction, and then deducting an interest amount.
The bank transaction reports and financial analysis statements issued by the Financial Information Unit (FIU) also indicated significant cash flows into and out of the bank accounts of the defendants and their companies in a short period of time.
Such amounts would have been impossible to get through their declared businesses.
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