RIYADH: A Saudi citizen received a seven-year prison sentence and was fined SR1 million ($266,565) after being arrested for financial fraud and breach of trust, reported the Saudi Press Agency.
“Investigation procedures revealed that the accused deceived the victims into making financial investments through one of his shell companies, taking advantage of the similarity in name with one of the companies practicing the same activity, by concluding investment agreements,” said the SPA report.
The total money seized amounted to around SR18 million and the man was referred to the competent court, which issued the ruling against him for seven years’ imprisonment and the SR1 million fine.
The Public Prosecution emphasized the importance of verifying investment methods and “knowing the sources of these activities before investing in them,” and stressed “that any attack on other people’s funds by financial fraud requires strict criminal accountability,” SPA said.
