Saudi: 14-Member Gang of Fraudsters Arrested
A gang of 14 people, including citizens and expatriates, who defrauded citizens and tricked them into investing in unlicensed digital currencies were arrested.
The investigations, carried out by the Financial Fraud wing of the Public Prosecution, led to the arrest of the gang members who were accused of financial fraud and breach of trust, and subsequently, they were referred to court to complete the legal procedures.
It was revealed in the investigation that the aforementioned persons received calls from bogus companies outside the Kingdom, and agreed with them to work remotely in return for a small monthly wage. This enabled the fake companies to manage their bank accounts, in addition to passing calls through electronic devices and programs. This enabled these companies to communicate with the victims, and convince them to invest, and thus stealing their money.
It was also found in the investigation that they were marketing unlicensed digital currencies, receiving bank transfers from others, transferring them to these platforms, and possessing chip operating devices and a number of SIM cards.
The Public Prosecution warned that it will not hesitate to take stringent punitive measures against those who engage in fraudulent means to steal money from others.
