Real Estate Fraud And Money Laundering Cases Filed Against 19 Employees

The Criminal Court presided over by Judge Saoud Al-Sane’a issued a verdict in a case of real estate fraud and money laundering filed against 19 employees of T-MAS Real Estate Company and a number of its affiliated companies.

The court sentenced the first suspect to two-year imprisonment and imposed a fine of KD 100,000. The 17th and 18th suspects were sentenced to one-year imprisonment each and imposed fine of KD 50,000. The rest of the suspects were acquitted.

The Public Prosecution had accused the suspects of real estate fraud and money laundering on the background of complaints received from victims. It issued protective orders on the bank accounts of the company and its affiliates as well as the bank accounts of a number of company officials. Some of these officials were extradited from the United Arab Emirates with the assistance of INTERPOL.

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According to the case file, the suspects forged documents in contravention to the provisions of the articles of association of the company to the public. Through social media, they invited the public to buy shares of the company and participate in investment (buying, selling and leasing of properties in Turkey and the United Arab Emirates) in return for attractive profits and full right to recover paid capital. Many people became victims as they were attracted by the promised handsome returns.

However, the suspects ripped them up to feed their bank accounts. The 14th and 15th suspects are reported to have committed money laundering involving amounts to the tune of more than KD 100,000.

SOURCE : ARABTIMES

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