Abu Dhabi court jails 79 people for swindling investors in fake stock trading scam

 

Group included 72 Chinese nationals

Abu Dhabi Criminal Court has sentenced 79 people to jail for fraud and money laundering.

Each was fined between Dh200,000 to Dh10 million, while the prison sentences ranged from three to 15 years, followed by deportation, the court said in a statement.

Judges heard how the accused tampered with the online address of a China-based stock trading website and created a fake address that victims used to invest.

After they fraudulently obtained money from the victims, they tried to conceal the sources to make their gains look legitimate.

The group includes 72 Chinese people, a Jordanian, Nigerian, Cameroonian, Ugandan and Kenyan.

The total amount that the group swindled was not revealed.

Authorities said the group was helped by an unidentified person.

Thirteen people were found guilty during court proceedings in their absence while 66 were present. It was not made clear if the 13 people are in the UAE or outside the country.

Money, cars, jewellery, devices and other assets found in their possession were confiscated.

According to UAE law, sentences issued by any of the country’s criminal courts are subject to appeal.

In March, the country’s Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism said, via state news agency Wam, that the country takes “its role in protecting the integrity of the global financial system extremely seriously”.

The Financial Action Task Force, the global money laundering and terrorist financing watchdog, has praised the UAE for its efforts and said it had made “significant progress” to strengthen its anti-money laundering controls including by demonstrating increased and swifter action against financial criminals.

In recent months the Emirates has expanded its efforts to tackle money laundering and terrorism financing risks. The Executive Office of Anti-Money Laundering and Counter Terrorism Financing, which was established a year ago, said authorities had confiscated Dh2.33bn as part of intensive efforts against financial crime.

Adonis and Louvre Abu Dhabi to take part in Abu Dhabi Book Fair 2022

 

Highlights from the programme of this year’s event revealed

Part of the programme for the 31st Abu Dhabi International Book Fair has been revealed — the event will bring together more than 1,100 publishers from about 80 countries, with more than 450 activities that span panel discussions, seminars, cultural evenings and children’s events.

Some of the highlights of this year’s fair, which takes place at the Abu Dhabi National Exhibition Centre from May 23 to 29, include Louvre Abu Dhabi’s involvement. The arts museum will host a series of seminars and panel discussions with big names such as Syrian poet Adonis, Nobel Prize for Economics winner Guido Imbens and several leading professors from around the world, plus world-renowned authors, thinkers and cultural figures.

There will be art exhibitions too, including a display by Japanese calligrapher Fouad Honda, which explores the intersections between Arab and Japanese cultures through Arabic calligraphy.

The inaugural International Congress of Arabic Publishing and Creative Industries — a first of its kind in the Arab world — will be held on the eve of the fair, with participants examining and discussing the latest trends in publishing and highlighting the importance of digital publishing.

Elsewhere, an educational programme will target students of various ages with panel discussions and workshops, several sessions of which will be broadcast live to schools and universities across the Emirates.

“The Abu Dhabi International Book Fair was a turning point for the local cultural sector and for more than three decades, presented a prominent platform to introduce the world to our Arab and Emirati culture and civilisation,” said Dr Ali bin Tamim, chairman of the Abu Dhabi Arabic Language Centre, on Thursday.

“With this latest edition of the fair, we remain committed to advancing the exhibition and supporting the publishing industry and those who work in it.”

Germany will be guest of honour of the fair, with a series of 40 events planned to highlight the UAE and Germany’s cultural ties, with German writers and thinkers taking part in workshops devoted to schools and children.

Egyptian author Taha Hussein, known as the Dean of Arabic Literature, will also be honoured as the Personality of the Year, in appreciation of his contribution to Arab culture, the ALC said. A special pavilion dedicated to Hussein will focus on his accomplishments and cultural impact, narrating his life story in co-ordination with the Taha Hussein Museum in Egypt.

“The Abu Dhabi International Book Fair will remain a beacon of knowledge and creativity rallying creative minds around it,” said Saeed Al Tunaiji, director of the book fair.

A full programme of events has yet to be revealed.