Eleven people, including nine expats, have been sentenced to jail term in Saudi Arabia on charges of laundering SR10 billion ($2.67 billion), reported state news agency SPA.

 

An official source at the economic crimes investigations wing at the Public Prosecution revealed the involvement of a gang of 11 members (two citizens and nine residents) in perpetrating money laundering crimes, violations to the concealment law through using several commercial entities and their branches in receiving and transferring money from unknown sources from their bank accounts, 

it stated.

 

The Public Prosecution investigation filed a suit against the perpetrators and an initial verdict was issued by the specialized court with imprisonment terms of a total of 52 years and fines of SR62.5 million, stated the source.

 

The money was confiscated along with the assets worth SR1.67 million from the accused.

 

The expat members of the gang will be deported after serving their jail terms while the Saudi gang members will be banned from travel for periods similar to their sentences.

 

The source said that the public prosecution embarked on procedures of objecting the terms issued upon an order to stiffen sentences against the criminals, in realization of the public interest to protect the local economy and deter all those who plan to tamper with the financial security in banking transactions, the SPA report added.