fbpx

Indians sentenced to jail in UAE for money laundering, tax evasion

UAEIndians sentenced to jail in UAE for money laundering, tax evasion

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.Indians sentenced to jail in UAE for money laundering, tax evasion

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.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Suzuki Alto 660cc latest price

Suzuki Alto 2023 Price and Car lease Plan United Arab Emirates

0
As a trusted Islamic banking institution, Meezan Bank offers a unique interest-free car financing scheme compliant with Shariah principles. Meezan Bank allows non-resident Pakistanis...

10 Best Universities in Dubai – Top Ratings (fee 2023)

0
Dubai has been transforming into a knowledge-based economy in recent years, placing an important value on higher education. The goal is to create an...
cost of living in Dubai and Abu Dhabi

Dubai and Abu Dhabi cost-of-living surges in global rankings

0
According to Mercer's Cost of Living 2023 survey, Dubai and Abu Dhabi's cost-of-living surges in global rankings have increased. Abu Dhabi is now in...
Credence High School Admissions

Credence High School Admissions: Leading CBSE School in Dubai

0
Imagine a place where learning is an adventure, happiness fuels education, and each child's potential is nurtured - welcome to Credence High School. This...

How to get MOFA attestation – Complete Guide

0
The attestation of documents by the Ministry of Foreign Affairs (MOFA), Government of Pakistan, is a mandatory process to verify the validity & authenticity...
Advertisement