Latest news with #AbuSabah
Khaleej Times
20-05-2025
- Business
- Khaleej Times
UAE: Indian billionaire jailed, to be deported in money laundering case
A UAE court has sentenced Indian businessman Balvinder Singh Sahni popularly known as 'Abu Sabah,' and several others to five years in prison for their role in a major money laundering case involving an organised criminal group, Arabic daily Emarat Al Youm reported on Friday. 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.
Zawya
08-05-2025
- Business
- Zawya
Implications of money laundering for GCC economies
In recent years, courts across the Gulf have issued several convictions against individuals involved in money laundering, in cases that violate commaercial and investment laws and regulations. One of the most high-profile cases involved the Fourth Criminal Court in Dubai, which recently convicted a prominent Indian businessman known as "B.S.S." or "Abu Sabah." He was sentenced to five years in prison for laundering money through a criminal gang. In addition to a fine of AED 500,000, the court ordered the confiscation of AED 150 million and ruled that he be deported after serving his sentence. Several others, including his son and 32 co-defendants, were also convicted. The case was referred to the Public Prosecution on December 18, 2024, and the first court session was held on January 9, 2025. The verdict was delivered in under six months. The court also seized electronic devices and documents for further investigation, highlighting how the Gulf region has become increasingly vulnerable to money launderers who manipulate local economies. Money laundering poses a serious challenge for any country, and in the Gulf, it raises concerns that some commercial activities are exploiting regulatory loopholes to conduct illicit operations. GCC countries have strong banking systems, large financial flows, and substantial remittances—especially from expatriate workers—some of whom are unwittingly used in money laundering schemes. Nonetheless, anti-money laundering efforts in the region continue to identify and prosecute perpetrators. According to both international and local reports, a wide range of crimes are associated with money laundering in the GCC. These include predicate offenses that generate illicit funds, which are then laundered. Examples include financial and economic crimes, banking fraud (such as stock manipulation and loan fraud), corruption, and bribery. These developments have intensified the need for regulatory authorities to enhance oversight and enforce international disclosure agreements. The region also faces cases of embezzlement of both public and private funds, as well as cross-border crimes such as human trafficking, illegal labor practices, smuggling of prohibited goods (including weapons and contraband), cybercrime, online fraud, bank data theft, and terrorist financing—the most dangerous form of money laundering. GCC countries are placing increasing emphasis on monitoring and controlling these issues, particularly in response to international expectations and Financial Action Task Force (FATF) requirements. Shell companies and luxury real estate investments are frequently used as fronts for laundering illicit funds. Exchange houses and money transfer companies are also common conduits, with multiple bank accounts often employed to fragment transactions and avoid detection. In many cases, accounts are opened in the names of expatriates or shell entities to obscure the origins and destinations of funds. This raises a final, critical question: how many expatriate traders and investors, operating in sectors such as food, retail, and services, are also running money transfer companies? Some exploit low-wage expatriate labour while channeling funds through both legitimate and illegitimate means. Shouldn't the financial records of such operators be audited to determine the annual volume of remittances—and to identify any links to money laundering? 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
07-05-2025
- Business
- Observer
Implications of money laundering for GCC economies
In recent years, courts across the Gulf have issued several convictions against individuals involved in money laundering, in cases that violate commercial and investment laws and regulations. One of the most high-profile cases involved the Fourth Criminal Court in Dubai, which recently convicted a prominent Indian businessman known as "B.S.S." or "Abu Sabah." He was sentenced to five years in prison for laundering money through a criminal gang. In addition to a fine of AED 500,000, the court ordered the confiscation of AED 150 million and ruled that he be deported after serving his sentence. Several others, including his son and 32 co-defendants, were also convicted. The case was referred to the Public Prosecution on December 18, 2024, and the first court session was held on January 9, 2025. The verdict was delivered in under six months. The court also seized electronic devices and documents for further investigation, highlighting how the Gulf region has become increasingly vulnerable to money launderers who manipulate local economies. Money laundering poses a serious challenge for any country, and in the Gulf, it raises concerns that some commercial activities are exploiting regulatory loopholes to conduct illicit operations. GCC countries have strong banking systems, large financial flows, and substantial remittances—especially from expatriate workers—some of whom are unwittingly used in money laundering schemes. Nonetheless, anti-money laundering efforts in the region continue to identify and prosecute perpetrators. According to both international and local reports, a wide range of crimes are associated with money laundering in the GCC. These include predicate offenses that generate illicit funds, which are then laundered. Examples include financial and economic crimes, banking fraud (such as stock manipulation and loan fraud), corruption, and bribery. These developments have intensified the need for regulatory authorities to enhance oversight and enforce international disclosure agreements. The region also faces cases of embezzlement of both public and private funds, as well as cross-border crimes such as human trafficking, illegal labor practices, smuggling of prohibited goods (including weapons and contraband), cybercrime, online fraud, bank data theft, and terrorist financing—the most dangerous form of money laundering. GCC countries are placing increasing emphasis on monitoring and controlling these issues, particularly in response to international expectations and Financial Action Task Force (FATF) requirements. Shell companies and luxury real estate investments are frequently used as fronts for laundering illicit funds. Exchange houses and money transfer companies are also common conduits, with multiple bank accounts often employed to fragment transactions and avoid detection. In many cases, accounts are opened in the names of expatriates or shell entities to obscure the origins and destinations of funds. This raises a final, critical question: how many expatriate traders and investors, operating in sectors such as food, retail, and services, are also running money transfer companies? Some exploit low-wage expatriate labour while channeling funds through both legitimate and illegitimate means. Shouldn't the financial records of such operators be audited to determine the annual volume of remittances—and to identify any links to money laundering?
India Today
06-05-2025
- India Today
Baramulla village faces renewed ceasefire violations after Pahalgam terror attack
1:45 Balvinder Singh Sahni, aka Abu Sabah, who once dazzled Dubai with black Bugattis, gold-plated lifestyles, and a ₹80 crore number plate, is now convicted.
Gulf Today
02-05-2025
- Business
- Gulf Today
Indian businessman jailed for 5 years, fined Dhs500,000 over money laundering in UAE
Dubai Criminal Court sentenced the Indian businessman known as Abu Sabah to five years in jail, followed by deportation after serving his sentence, and fined him Dhs500,000. Additionally, Dhs150 million of his assets were confiscated, after being convicted, along with 32 others, including his son, of money laundering as part of an organised criminal gang. The court also sentenced 11 suspects in absentia to five years in jail and a fine of Dhs500,000 each, while 10 others were jailed for one year and slapped a fine of Dhs200,000 each. The court further fined three corporate entities Dhs5 million each and ordered the confiscation of proceeds from the crime, along with seized electronic devices and phones. All suspects are to be deported after serving their sentences. The case started when a report was filed with the Dubai Police, and the Public Prosecution referred the file on December 18, 2024, and the first trial session commenced on January 9, 2025. Extensive investigations revealed that the suspects established a comprehensive money laundering network, relying on shell companies and suspicious financial transactions both within and outside the country. The case involved 33 suspects, some of whom were convicted in person and others in absentia. In its ruling, the court ordered the confiscation of all funds used in the crime, along with electronic devices, phones, and documents seized during the investigation. The total value of confiscated funds amounted to approximately Dhs150 million. The rulings also included a Dhs50 million fine on three companies involved in the crime as legal representatives, with the confiscation of their associated assets. "Abu Sabah" is known as the owner of a property management company with branches in the UAE, the United States, and India. He is famous for his luxurious lifestyle and prominent investments, most notably purchasing a distinctive number plate bearing the number "5" for Dhs33 million at a public auction in 2016.
