The Abu Dhabi Criminal Court has convicted an organised criminal group consisting of 79 people of fraud and money laundering.
The convicts specialised in internet fraud by using fake URLs of a Chinese website offering securities brokerage and trading services.
They deceived their victims into investing in securities with the aim of appropriating the value of their investment and laundered their money in order to conceal the source of the sums received.
The court ruled, in presence, against 66 defendants and, in absentia, against 13 others who were part of the same criminal enterprise, which included 72 Chinese nationals, one Jordanian, two Nigerians, two Cameroonians, one Ugandan and one Kenyan.
They have been sentenced to prison terms ranging from three to 15 years with deportation from the country after serving their respective sentences, and fines ranging from AED 200,000 to 10,000,000 for each accused, with confiscation of all funds seized from the accused, as well as confiscation of their bank balances, real estate, cars, computers, mobile phones, watches and jewellery.
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