Financial fraud uncovered: Saudi prosecutors take down 13-member criminal network

Saudi Gazette report

RIYADH — Saudi authorities have apprehended 13 individuals involved in a far-reaching financial fraud operation.

The arrests follow a thorough investigation into a sophisticated network engaged in money laundering, electronic fraud, and violations of the electronic transactions system.

Investigation procedures, conducted by the Financial Fraud wing of the Public Prosecution, revealed that the suspects engaged in financial fraud against several victims by creating fraudulent electronic links and sending them to the victims.

They unlawfully accessed their government accounts through these links, issued legitimate authorities without the victims’ knowledge, and seized financial amounts from their bank accounts by transferring them to other accounts or withdrawing and depositing them into a commercial entity’s account to conceal the source of the funds and transfer them outside the Kingdom.

The criminal organization is found to have defrauded victims of approximately SR16 million, in addition to seizing over SR600,000 in cash and other cash amounts in various currencies.

Financial amounts in their accounts and the commercial entity’s accounts have also been frozen.

The Public Prosecution has issued orders for their arrest, and they have been referred to the competent court to demand the harshest penalties stipulated by the law.

The Public Prosecution emphasized its commitment to combating financial crimes in all their forms, sternly prohibiting sinful behaviors that constitute crimes against the property of others through fraud.

It urged caution against fraudulent links, the dangers of dealing with unofficial websites, refraining from sharing personal or financial data with unknown entities or individuals, and immediate reporting to the relevant authorities in the event of falling victim to financial fraud.

Provided by SyndiGate Media Inc. (Syndigate.info).