Title: “13 Suspects Arrested in Saudi Arabia for SR22 Million Bank Fraud Scam”

Overview

Riyadh, Saudi Arabia - In a significant crackdown on financial crimes, Saudi authorities have apprehended 13 individuals suspected of involvement in a SR22 million bank fraud operation.

Arrest of Suspects

• The suspects were taken into custody following an extensive investigation conducted by the Financial Fraud wing of the Public Prosecution.
• The criminal network was found to be engaged in money laundering, electronic fraud, and violations of the electronic transactions system.

Investigation Findings

• Preliminary findings from the investigation revealed that the suspects had illegally accessed victims’ government accounts using fraudulent electronic links.
• They then issued authorities without the victims’ knowledge and unlawfully seized funds from their bank accounts.
• The criminals transferred or withdrew and deposited the stolen funds into a commercial entity’s account to conceal their trail and transfer the funds out of the Kingdom.

Amount Defrauded

• The criminal organization is estimated to have defrauded victims of around SR16 million.
• Additionally, they had SR600,000 in cash and other currencies.

Freezing of Funds

• Hours after the arrests, officials froze the financial amounts in the suspects’ accounts and the commercial entity’s accounts.

Legal Action

• The Public Prosecution has ordered the detention of the suspects and referred them to the competent court.
• They are facing the harshest penalties stipulated by law for their financial crimes.

Press Statement

• In a press statement, the Public Prosecution reiterated its commitment to eradicating financial crimes.
• They warned against dealing with unofficial websites or clicking on suspicious links.

Safeguarding Personal and Financial Data

• The authorities urged individuals to safeguard their personal and financial data.
• They were advised to report any potential fraud incidents without delay to the relevant authorities.