DUBAI // An international group of more than 30 business consultants and investors, and 18 companies, have been charged with laundering more than Dh20 million.
Twenty-six British men and a woman, an Emirati, two Pakistanis, a Bangladeshi and an Iranian woman will all face charges at Dubai Court of Misdemeanours.
Only 10 men, aged between 28 and 53, are in the emirate to face the charges, with the rest at large. Most of the defendants are business consultants, investors, partners and managers.
Prosecutors said all committed money-laundering crimes after setting up an international network that was used to coordinate from inside and outside the UAE and cover up their illegal activities.
_____________________________
Today in court
• Workers accused of attacking supervisor with cricket bat acquitted by Dubai court
• Man who molested maids at his Dubai home will be deported
• Man who forged e-visas and took Dh300,000 from countryman is jailed
____________________________
Prosecutors said the defendants started 18 companies in the UAE and several others in the EU, and used them to trade stocks within a network.
They then charged clients extra amounts for value-added tax, or VAT, when they were pocketing the money because the stocks remained within the network.
The fraudulently obtained money would then be transferred to the account of one of their other companies at Deutsche Bank, prosecutors said.
The money would later be distributed according to previously agreed shares after being laundered through bank accounts around the world, including UAE banks.
This method was to obscure the source of the funds and make them seem legitimate, it is claimed.
It was not clear why the case took six years to make it to court when the police report was filed in April 2010. The case was referred to court on January 12 and the defendants appeared in court on February 28. They are yet to face charges.
The next hearing is scheduled for April 13.
salamir@thenational.ae
