Dubai Eye 103.8

On Air Now
The Agenda
10:00am - 1:00pm

Listen To Dubai Eye

Jail term for 9 in AED 306 million money laundering case

Tuesday, 24 November 2020 14:34

File Pic

The Abu Dhabi court on Tuesday penalised nine people and nine companies in an AED 306 million money laundering case.

The individuals, who were found to conceal illegal funds through bogus banking transactions, have been handed 7-10 year prison terms and fines of AED 5 million each.

Meanwhile, the companies must each pay a fine of AED 50 million.

The fraud was unearthed after the UAE Central Bank flagged suspicious banking transactions from two of the listed companies.

Following a thorough investigation, it was found that the companies had concealed that the money was generated out of illegal activities.

According to the Abu Dhabi Public Prosecution, the first accused conducted oil trade despite not having the required licence for it.

More from Local

Dubai Ruler praises record Egyptian readers in Arab challenge

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has commended the record-breaking participation of over 20 million Egyptian students in the 10th Arab Reading Challenge.
UAE leaders mark Hijri New Year with messages of optimism and prosperity

United Arab Emirates leaders marked the Hijri New Year on Monday with uplifting messages of optimism and prosperity.
Global coalition condemns May attack near UAE’s Barakah nuclear plant

A large global coalition has come together to condemn the drone attack near the UAE's Barakah nuclear plant in May with a powerful statement.
UAE stresses on diplomacy and dialogue as US, Iran reach agreement to end war

The UAE reiterated the importance of dialogue, diplomacy and adherence to international law following the US-Iran memorandum of understanding.
UAE President discusses regional developments with Egypt counterpart

United Arab Emirates President His Highness Sheikh Mohamed bin Zayed Al Nahyan travelled to Egypt on Monday to speak with President Abdel Fattah El-Sisi.

Coming Up on Dubai Eye

Afternoons with Helen Farmer
1:00pm - 4:00pm

Every weekday afternoon, Helen Farmer will help you to navigate the highs and lows of life in the UAE. Stay up to date with what’s happening and where to go.
The Debrief
4:00pm - 7:00pm

Join Dane on Dubai Eye 103.8 for The Debrief from 4pm to 7pm, the perfect way to unwind after a busy day at the office.

BUSINESS BREAKFAST LATEST

UAE President Sheikh Mohamed Bin Zayed Al Nahyan’s visit to the USA
UAE President Sheikh Mohamed Bin Zayed Al Nahyan’s visit to the US to boost economic and technology ties including AI.
New iPhone Launch - Too Soon For Apple?
Apple Inc. shares fell Monday after a closely followed analyst warned that demand for the firm’s new iPhone 16 Pro model has been lower than expected. Is this a sign that the AI software just isn’t ready?
Working From Home or Hardly Working?
Does working from home kill productivity or can it benefit staff by giving them more flexibility and a better work/life balance?

On Dubai Eye

Is There Sufficient House Supply In UAE
Dubai’s current population is more than double compared to almost twenty years ago, which now stands at 3.7 million. Lots of families are also moving to the UAE now. So what does it mean for the property market?
Noon's First Female Delivery Driver
Glory Ehirim Nkiruka is Noon’s first ever female delivery driver. In her first ever interview, she explained why she loves her job, despite the heat!