Eight people and three companies were involved in an elaborate plan that started with an email
Prosecutor Ismail Ali Madani, Senior Advocate General, Chief of Public Funds Prosecution, said one of the defendants hacked into a company’s bank account and fraudulently transferred money to his own company’s account. The other convicts helped the first defendant conduct a series of illegal transactions to transfer and launder the money, and to cover up the crime and source of the money.
Dubai prosecutors announced on Saturday that the Dubai Misdemeanor Court has convicted eight individuals and three companies of cyber fraud and the laundering of stolen funds amounting to around Dh14 million.
Crime and Punishment
The Dubai Misdemeanor Court sentenced the first defendant to three years in prison with subsequent deportation. The rest of the defendants were sentenced to terms of imprisonment ranging from six months to one year, followed by deportation. Two of the accused were also fined Dh20,000 each. In addition, the court fined each of the three convicted companies involved in the crime of Dh300,000 and asked them to return more than Dh9 million stolen through cyber fraud to the victim’s company.
Faisal Yousuf Bin Sulaitin, executive director of the Dubai Economic Security Center, said Dubai’s investigative agencies, including the Dubai Public Prosecution, play a significant role in combating crimes that can pose a threat to the emirate’s economic and financial security. He praised the excellence shown by Dubai’s law enforcement agencies, led by the Dubai Police, whose diligence has enabled the emirate to maintain one of the safest urban environments in the world.
Quick, coordinated action
Madani said the defendants were arrested and brought to justice because of the speed and effectiveness of the Dubai prosecutor’s office and that local and federal agencies involved in the fight against money laundering and terrorist financing are working closely together.
Abdul Rahman Nasser Hassan, the chief prosecutor’s assistant who opened the investigation into the case, said the prosecutor’s investigation, carried out in collaboration with the authorities concerned, had an elaborate conspiracy to hack into the company’s email of the victim and to access correspondence, confidential bank account details and funds transfer mechanisms that enabled them to steal a large portion of the 14 million Dh from the victim’s account. After the funds were deposited into their account, the defendants conducted illegal transactions to hide the origin of the funds.
The defendants were convicted under federal anti-money laundering and terrorist financing laws. Working with other law enforcement agencies, the Dubai Public Prosecution referred the defendants to the Dubai Misdemeanor Court, which found them guilty of cyber fraud and money laundering and convicted them under Federal Decree Law No. 20 of 2018 on “Anti-Money” money laundering and Combating the financing of terrorism and the financing of illegal organizations
Summary of the news:
- A Dubai court found the defendants guilty in a case where a Dh14 million bank account was hacked
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