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UAE: Gang Members Across Multiple Nationalities Jailed and Fined for Money Laundering

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Staff Writer, TLR

Published on July 14, 2023, 17:41:00


Jailed, money Laundering

A 40-strong gang has been jailed and fined a hefty fine of Dh860 million jointly post their conviction for money laundering and defrauding investors. A fine of Dh50 million each has been imposed on companies that were involved in the said illegal transaction. The gang had successfully lured unsuspecting investors into investing money in return for a digital currency which they called ‘Foin’. However, eventually, these victims of fraud realized that this was a hoax and they could not access their capital. They were lured into investing after promising high margins of profit. The gang included Indian members as well.