UAE: Indian billionaire jailed, to be deported in money laundering case
The court also imposed a fine of Dh500,000 on each defendant, ordered their deportation after serving the sentence, and confiscated Dh150 million in illicit gains, along with computers, mobile phones, and other seized items.
The court found the defendants guilty of laundering large sums of money obtained through criminal activities, using sophisticated methods to conceal the origin and movement of the funds.
The verdict follows an investigation that revealed the defendants had set up a sophisticated money laundering operation using fake companies and suspicious bank transfers, the report said. The accused were charged with concealing or possessing assets suspected to have been obtained illegally, as well as running a money laundering racket through an organised group.
Dubai Police referred the case to the Public Prosecution in December last year. The matter was transferred to the Criminal Court in January, where hearings began and culminated in yesterday's (Thursday) ruling. The case has now been moved to the Court of Appeal for further proceedings.
Among those convicted are individuals tried in absentia and others who appeared in court, including three companies. Each of the corporate entities was fined Dh50 million. Authorities also ordered the confiscation of all criminal proceeds and evidence, including financial records, mobile devices, and electronic equipment.
Investigators uncovered a broad network of financial activities tied to domestic and international partners. The accused allegedly used fictitious partnerships and front companies to obscure the origins of the illicit funds.
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