Monday, April 29, 2024
4 people including an Expat arrested in KSA for Money Laundering of 200 Million Riyals
An expat and three Saudi nationals were arrested in the Kingdom for their involvement in a 200 million Saudi Riyals money laundering and business concealment scheme. Trending : Hajj permit (Tasreeh) is mandatory for performing Hajj
The Public Prosecution announced that a competent Saudi court has been notified of the arrests and that it demands the highest sentence that the law prescribes for the violators. They are being punished after the Public Prosecution's Economic Crimes wing finished its investigations against them.
Investigations discovered that a female citizen formed a business organization to collect debts and then gave it to her husband, who allowed an expat to take care of it and its bank accounts.
- Another citizen also participated in this illegal scheme. The expat was able to avoid customs fees by using these bank accounts to launder almost 200 million riyals in cash through external transfers. Recommend : All types of Saudi visa holders can perform Umrah
- It was discovered that the funds were the product of criminal activity and breaches of several regulations upon verification. Additionally, hundreds of vouchers for money transfers were found.
- Even though the transfer was justified by the purchase of commodities from one of the exporting countries, it was later uncovered that the receipt and delivery paperwork were fraudulent and not real.
- The Public Prosecution highlighted the need of preventing evildoings that could damage the country's economy and warned that those who attempt to do so will face severe criminal consequences. See Also : 87% of projects either completed or scheduled on time of Saudi Vision 2030
