Sharjah 24 – WAM: The Dubai Public Prosecution Saturday announced that the Dubai Misdemeanor Court has convicted eight individuals and three companies for cyber fraud and laundering of stolen funds amounting to approximately AED14 million.
Providing details of the investigation into the criminal case, Counselor Ismail Ali Madani, Senior Advocate General, Chief of Public Funds Prosecution, said Saturday that one of the defendants hacked into a company’s bank account and fraudulently transferred money into his own company’s account. The other convicted individuals assisted the first defendant in conducting a series of illegal transactions to transfer and launder the money as well as conceal the crime and source of funds.
The Dubai Misdemeanor Court sentenced the first defendant to three years imprisonment followed by deportation. The rest of the accused were sentenced to imprisonment for periods ranging from six months to one year followed by deportation. Two of the defendants were also charged a fine of AED20,000 each. Furthermore, the Court imposed a fine of AED300,000 on each of the three convicted companies involved in the crime and ordered them to return more than AED9 million stolen through cyber fraud to the victim’s company.
The defendants were convicted under federal laws related to countering money laundering and terrorism financing. Working with other law enforcement authorities, Dubai Public Prosecution referred the defendants to the Dubai Misdemeanor Court, which found them guilty of cyber fraud and money laundering and sentenced them under the framework of Federal Decree - Law No. (20) of 2018 on 'Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations' (AML/CFT law).
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