Abu Dhabi: Nine sentenced to 10 years in jail for money laundering

Wednesday, 28 July 2021 21:35

By ARN News Staff

A court in Abu Dhabi has sentenced nine individuals to 10 years in jail for money laundering and running a cryptocurrency trading scam.

They were found guilty of possessing AED 18 million through fraudulent means.

The Abu Dhabi Criminal Court fined them AED 10 million each, while six companies involved in the illegal activities were fined AED 50 million each.

The defendants had lured people into investing in a shell company specialised in digital currencies and shares, with the promise of high returns.

Authorities launched an investigation after being tipped off by one of the victims.

The court ordered the seizure of the defendants’ funds and assets, while eight of the individuals will be deported after serving their sentences.

More from Business

China's Xi pushes for global AI body at APEC in counter to US

Chinese President Xi Jinping took centrestage at a meeting of APEC leaders on Saturday to push a proposal for a global body to govern artificial intelligence and position China as an alternative to the United States on trade cooperation.
H.H. Sheikh Mansour holds talks with CEO of France’s CMA CGM Group

His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President and Deputy Prime Minister, has explored ways to enhance cooperation in the maritime shipping and logistics sectors during talks with Rodolphe Saadé, Chairman and CEO of France’s CMA CGM Group.
ADNOC Distribution reports $579 million net profit in first 9 months

ADNOC Distribution has reported a net profit growing by 15.6 per cent year-on-year to $579 million in the first nine months, with an EBITDA increase of 12 per cent to $885 million, its strongest performance since listing in 2017.
TECOM Group’s 9-month shows 20% revenue growth

TECOM Group has announced a 20 per cent revenue growth reaching more than AED 2.1 billion, with a net profit exceeding AED 1.1 billion, marking an 18 per cent year-on-year increase.
DFM reports 212% increase in net profit before tax to AED930.8 million

The Dubai Financial Market (DFM) has announced its consolidated financial results for the nine months ending September 30, reporting a net profit before tax of AED 930.8 million, an increase of 212 per cent compared to the same period in 2024.

Pinoy Bulletin October 21 - 25 2025
Pinoy Expat Corner

Merong Serbisyo Caravan Leg 2 dito sa Dubai ngayon November 15 & 16, 2025 , 8am to 6pm @ Hall 3 Dubai World Trade Center, Dubai.
PINOY BULLETIN : AUGUST 11 - 15 , 2025
Pinoy Expat Corner

Welcome to Pinoy Bulletin, your go-to source for staying informed about important announcements, exciting group activities, community events, and job opportunities! Make sure to tune in every weekdays to Tag Gising Na from 5AM - 10 AM for a comprehensive roundup of important updates.
PINOY BULLETIN : AUGUST 4 - 8, 2025
Pinoy Expat Corner

Welcome to Pinoy Bulletin, your go-to source for staying informed about important announcements, exciting group activities, community events, and job opportunities! Make sure to tune in every weekdays to Tag Gising Na from 5AM - 10 AM for a comprehensive roundup of important updates.