23 Members Gang Sentenced To 111 Years in Prison by Saudi Authorities

On Monday, The Public Prosecution of Riyadh, Saudi Arabia reported that a Saudi court found 23 individuals and entities guilty of financial fraud and sentenced them to 111 years in jail and fines totaling SR28.6 million.

According to the investigation, people were concerned about being cheated by scam investments in virtual currencies, gold, oil, prepaid cards, and international investments. The fraud process of scamming people started off with them getting access to the victims' bank account numbers which they would use to remove all of the money from the accounts, move it to accounts under the names of fictitious individuals and businesses, and then transfer it outside of the Kingdom.

According to a representative from the Public Prosecution, the culprits developed websites to show the victims false investment portfolios and tricked them with the rewards from their trading in an artificial and unreal programmatic technique. 

Charges of "financial fraud, money laundering, forgery, and breaking the systems of combatting information crimes and combating concealment" were brought against the offenders in court after they were imprisoned and handed over to the appropriate court.

For the money used to commit the crimes, the group received a term and property confiscation of a comparable value. There was a confiscation of the benefits of the crimes, including four homes and automobiles, possession of the electronic equipment used in the crimes, cancellation of commercial licenses for entities, and deportation of the non-citizens from the Kingdom after serving their sentences in prison along with fines amounting to SR28.6 million ($7.4 million).

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This article was previously published on saudimoments.To see the original article, click here