A verdict will be handed down later this month in the case of two men on trial for allegedly collecting and laundering more than BD7 million.
The High Criminal Court will issue its verdict on August 30 in the case of the two men who reportedly collected BD7,154,091.369 for public benefit without a licence.
As previously reported by the GDN, the Public Prosecution launched an investigation into the incident following a referral by the Interior Ministry’s National Centre for Financial Investigation.
It was found that the defendants, along with some suspects abroad, formed a criminal gang.
They would collect and receive funds outside the legal financial system – which requires obtaining the necessary licences to conduct this activity due to the danger of transferring funds outside legal control, said the Financial Crimes and Money Laundering Prosecution head in a previous statement.
He added that the defendants – a Bahraini man and an Arab man – made bank transfers and used one of the accused’s companies to give legitimacy to the deposits, showing them as revenue.
During closing arguments, the Public Prosecutor demanded the maximum penalty be imposed against the accused while defence attorneys submitted reports from forensic accounting experts.
“The Public Prosecution accused the defendants of money laundering with funds obtained through illegal collection during 2019 to 2023 along with unknown assailants,” revealed court documents.
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