Saudi Authorities Arrest 13 in Multi-Million Riyal Financial Fraud Scam
Arrest of Suspected Money Launderers and Fraudsters in Saudi Arabia
Riyadh, Saudi Arabia - In a significant crackdown on financial crimes, Saudi authorities have arrested 13 individuals for their involvement in a sophisticated network orchestrating money laundering, electronic fraud, and violations of the electronic transactions system.
Suspects’ Activities Discovered during meticulous investigation
The individuals, whose identities have not been disclosed, were apprehended following a thorough investigation conducted by the Financial Fraud wing of the Public Prosecution into the criminal organization’s extensive activities.
Extensive Fraudulent Scheme
During the probe, investigators discovered that the suspects had orchestrated financial fraud against unsuspecting victims:
- By creating fraudulent electronic links
- Unlawfully gained access to their victims’ government accounts
- Issued authorities without the victims’ consent
- Seized substantial financial amounts
- Transferred funds into other accounts
- Cash deposits and withdrawals from a commercial entity’s account
The total amount defrauded from the victims was approximately SR16 million. The investigators also seized an estimated SR600,000 in cash and other cash equivalents in various currencies.
Freezing of Financial Amounts and Suspects’ Apprehension
The scheme saw the freezing of financial amounts in the victims’ accounts and the commercial entity’s accounts. The suspects were taken into custody and have been referred to the competent court. The Public Prosecution has ordered their arrests and demanded the strictest penalties stipulated by Saudi law.
In a statement, the Public Prosecution reaffirmed its dedication to eradicating financial crimes in all their forms. The agency urged the public to exercise caution against fraudulent links, avoid dealing with unofficial websites, refrain from sharing personal or financial data with unknown entities, and promptly report any instances of financial fraud to the appropriate authorities.
The Public Prosecution emphasized that the law strictly prohibits fraudulent activities that infringe upon the property rights of others.