The men were sentenced to prison for terms ranging between five and 10 years. Courtesy: Abu Dhabi Judicial Department
The men were sentenced to prison for terms ranging between five and 10 years. Courtesy: Abu Dhabi Judicial Department
The men were sentenced to prison for terms ranging between five and 10 years. Courtesy: Abu Dhabi Judicial Department
The men were sentenced to prison for terms ranging between five and 10 years. Courtesy: Abu Dhabi Judicial Department

Forty men jailed for money laundering and fraud in Abu Dhabi


Haneen Dajani
  • English
  • Arabic

A gang of 40 men has been sentenced to jail for fraud, money laundering and illegal economic activities at the Abu Dhabi Criminal Court.

The men were sentenced to prison for terms ranging between five and 10 years and were fined a total of about Dh860m, Abu Dhabi Judicial Department announced on Tuesday.

Judges heard how the men created a fake electronic currency platform and duped victims into handing over cash under the guise of investing in the scheme.

The court heard how the gang – 17 Emirati, 16 Iranian, two Indian, a Saudi, a Mauritanian, an American, a Greek and a Comorian – convinced their victims they could make profits of between 16 per cent and 18 per cent a month on their investment.

They gang claimed the funds were being converted into a fake digital currency called Foin.

Twenty three were sentenced to 10 years in prison and a fine of Dh10m; 11 were sentenced to seven years in prison and a fine of Dh10m; and one was sentenced to five years and a fine of Dh10m. Five men were sentenced to six months and fined Dh20,000 each.

All their assets and proceeds from the crime were confiscated and 23 of the gang will be deported.

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Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

Updated: August 17, 2021, 5:51 PM`