A Dubai court has convicted a 30-member gang and seven companies on charges of money laundering and embezzling Dh32 million ($8.7 million) in an online fraud targeting individuals and companies.
The gang members were sentenced to a combined total of 96 years of imprisonment and be deported after serving their sentence, the Dubai Media Office said on Monday.
The court also ordered them to jointly pay a fine of more than Dh32 million and imposed a fine of Dh700,000 on the seven companies involved in the case.
It may also confiscate funds or assets belonging to the defendants to cover the fine, the media office said.
The gang stole the money by sending 118,000 phishing emails to victims and falsely impersonating banks and financial institutions with whom the victims had business relationships, said Ismail Madani, senior advocate general and head of the public funds prosecution.
The phishing emails requested the victims to transfer payments to the gang's accounts.
Later, the gang withdrew the money or transferred it to other accounts, while other members purchased used cars to conceal the illegally obtained funds.
“The UAE authorities spare no effort in combating such criminal activity and are fully committed to fighting money laundering, online crimes and scams that can have a potentially detrimental impact on the national economy,” Mr Madani said.
The UAE has passed strict laws to prevent money laundering and the financing of terrorism, and has issued a number of regulations over the years to clamp down on financial crimes.
The country issued fines of more than Dh115 million in the first quarter of the year to combat money laundering, state news agency Wam reported in April.
This was a sharp increase from the Dh76 million of last year.
The 161 fines were handed out to 76 entities in the first three months of 2023. Confiscations have also increased, with frozen assets surpassing a value of Dh925 million seized from November 2022 to February 2023.
Hamid Al Zaabi, director general of the Executive Office for anti-money laundering and combating the financing of terrorism (AML/CFT), told Wam his organisation was working closely with the Financial Action Task Force. He said the UAE was an important trade and investment hub and the federal government was working closely with authorities across the country and the private sector to ensure that all entities were implementing effective AML/CFT measures.
Last month, the UAE Central Bank issued new guidance on anti-money laundering and combating the financing of terrorism for licensed financial institutions (LFIs) with a focus on the risks of dealing with virtual assets.
Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
The specs
Engine: 2x201bhp AC Permanent-magnetic electric
Transmission: n/a
Power: 402bhp
Torque: 659Nm
Price estimate: Dh200,000
On sale: Q3 2022
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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The years Ramadan fell in May
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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UAE currency: the story behind the money in your pockets
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
Fire and Fury
By Michael Wolff,
Henry Holt
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
