Kuwaiti Businessman Gets 7 Years For Fraud And Money Laundering

In a significant real estate fraud and money laundering case, the Kuwaiti Court of Cassation amended a lower court verdict and sentenced a Kuwaiti businessman to seven years in prison and fined him 128 million dinars. This verdict pertains to his involvement in selling counterfeit real estate, specifically chalets in Al-Khairan, reports Al-Rai daily.

Previously, the Criminal Court sentenced the man to 17 months in prison, and the second accused (an expatriate who remains at large) to 7 years in prison with hard labor. Both were also fined 128 million dinars. The civil aspect of the case has been referred to the appropriate civil court for further consideration.

The Public Prosecution charged the defendants with laundering 64,294,023 Kuwaiti dinars. This charge stems from their deliberate acquisition and possession of money obtained from victims for investment purposes in two companies owned by the businessman. The funds were deposited in the bank accounts of these companies.

In addition, the prosecution accused the defendants, who were authorized to manage the companies, of signing off on the bank accounts of the companies, channeling funds into their personal accounts, and conducting internal and external transfers that gave the appearance of real estate investments.

To conceal the illegitimate origin of the funds, these actions were taken to create the illusion of a nonexistent project and generate false hopes of profit. Through advertisements in various media outlets, the defendants advertised real estate investment opportunities.

 

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