UAE: 13 Indians found guilty of money laundering, tax evasion
- Date: 18-May-2023
- Source: Khaleej Times
- Sector:Financial Services
- Country:UAE
UAE: 13 Indians found guilty of money laundering, tax evasion
Thursday, May 18, 2023 | Shawwal 28, 1444
Thirteen defendants of Indian nationality and seven companies they owned were found guilty of money laundering and tax evasion offences, according to Abu Dhabi authorities.
They were found to have conducted economic activities — involving the provision of credit facilities through points of sale (POS) without a licence — valued at Dh510 million, according to a ruling from the Abu Dhabi Criminal Court.
Some defendants were sentenced to jail terms ranging from 5 to 10 years, followed by deportation as well as fines ranging from Dh5 million to Dh10 million.
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