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Court Sentenced Fine For 14 Expats In Tmas Case
The Court of Appeals cancelled the verdict issued by the Criminal Court and sentenced 14 expatriate employees of TMAS Real Estate Company and other relevant companies to jail terms ranging from five to ten years and imposed a total fine of KD 2 million over allegations of real estate swindling and money laundering.
The court upheld the decision of the Public Prosecution to freeze the money of the companies involved including that of the first suspect who is the executive director of TMAS. The Criminal Court previously sentenced the first suspect to two-year imprisonment and imposed a fine of KD 100,000, sentenced two other suspects to one-year imprisonment, imposed a fine of KD 50,000 on another, and acquitted 16 other suspects.
The Public Prosecution charged the suspects with money laundering, as they acquired money through illegal methods such as swindling using real estate properties and then deposited the collected amount of about KD 109 million in their bank accounts before transferring the money to the bank account of the company’s executive director. They deceived the victims by saying the company has outstanding investments in real estate properties in Turkey and UAE, and collected their money after persuading them to invest their money in real estate projects.
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