The High Criminal Court yesterday sentenced a defendant to six years in jail, fined him BD105,000 and ordered the confiscation of BD75,299 after finding him guilty of fraud and money laundering.
The suspect, whose nationality was not revealed, was accused of working within a criminal network and laundering money received from victims of fraudulent investment schemes.
Investigations revealed that the defendant had received more than BD75,000 into his two bank accounts from several victims who had been duped by unknown individuals within the network posing as representatives of various investment companies.
Acting upon the instructions of the criminal network’s leader, the defendant transferred the victims’ money first to his CoinMENA account, then to his Binance.com account outside Bahrain, and subsequently to multiple electronic wallets provided by the network after deducting his share.
The defendant was interrogated, confronted with evidence and technical reports, and then referred to the competent criminal court, which issued its afore-mentioned ruling.
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