Abu Dhabi: Abu Dhabi Criminal Court has convicted nine individuals, and indicted six companies, for money laundering and cryptocurrency trading after they stole Dh18 million in funds from unwitting victims.
The defendants have each been sentenced to ten years in jail, followed by deportation for all but the second defendant. Each defendant must also pay a Dh10 million fine. The verdicts were announced in the presence of four defendants, with the rest in absentia.
The companies were also each fined Dh50 million and all funds and assets obtained through the laundering operations have been seized.
According to a statement issued by the Abu Dhabi Judicial Department (ADJD), the defendants had encouraged their victims to invest in a shell company that they claimed was specialised in trading digital currencies and global stocks.