Latest news with #FinancialIntelligenceNationalCentre
Gulf Insider
15-07-2025
- Business
- Gulf Insider
Appeal Against Jail Terms, Fines In 'Dirty Money'
Four defendants have lost their appeal against prison terms and fines in a money laundering case tied to human trafficking and prostitution earnings. Judges upheld a five-year sentence for each, along with a BD100,000 fine, and ordered the confiscation of BD175,557.882 from their assets. Three of them, identified as the first, third and fourth accused, will also be deported. The case unfolded following investigations by a First Lieutenant at the Financial Intelligence National Centre (FINC). Inquiries He told prosecutors that inquiries had been carried out using unnamed sources. The first accused, he said, ran a criminal ring trading in women, and the others played various parts in handling the proceeds. Cash made through these crimes was funnelled through different financial dealings, including overseas transfers made through local exchange houses. The amounts varied, and the transfers were spaced aim, according to the findings, was to cover the tracks. Accounts Authorities moved to examine accounts and property linked to the accused. Letters were sent to several government bodies. The data pointed to regular use of exchange houses, currency swaps and remittances, enough, the court ruled, to uphold the convictions. Also read: Qatar To Compensate Citizens For Damage Caused By Missile Debris
Daily Tribune
14-07-2025
- Business
- Daily Tribune
Appeal against jail terms, fines in ‘dirty money' case rejected
Four defendants have lost their appeal against prison terms and fines in a money laundering case tied to human trafficking and prostitution earnings. Judges upheld a five-year sentence for each, along with a BD100,000 fine, and ordered the confiscation of BD175,557.882 from their assets. Three of them, identified as the first, third and fourth accused, will also be deported. The case unfolded following investigations by a First Lieutenant at the Financial Intelligence National Centre (FINC). Inquiries He told prosecutors that inquiries had been carried out using unnamed sources. The first accused, he said, ran a criminal ring trading in women, and the others played various parts in handling the proceeds. Cash made through these crimes was funnelled through different financial dealings, including overseas transfers made through local exchange houses. The amounts varied, and the transfers were spaced out. The aim, according to the findings, was to cover the tracks. Accounts Authorities moved to examine accounts and property linked to the accused. Letters were sent to several government bodies. The data pointed to regular use of exchange houses, currency swaps and remittances, enough, the court ruled, to uphold the convictions.
Gulf Insider
11-07-2025
- Business
- Gulf Insider
Employee Sentenced To 12 Years In Jail And Fined
A real estate company employee has been sentenced to 12 years in prison and fined BD100,000 after laundering over a million dinars obtained through fraud, embezzlement and tampering with electronic property records. The First High Criminal Court also ordered the confiscation of BD1,064,502 from his assets and accounts. He was further instructed to repay BD388,444 to the company and to provide BD5,001 in provisional civil compensation for the losses caused. The man had been entrusted with access to company finances and title deeds through his role. Fake payment Instead of doing his job, he fiddled with the firm's internal system, inserting fake payment details to make it look as though certain properties had been bought when they hadn' from company staff and external auditors, along with warrants to inspect the defendant's financial affairs, revealed the extent of the misconduct. According to the Financial Intelligence National Centre (FINC), the man had moved funds between his own bank accounts and those held by relatives, obscuring the source of the of the proceeds was used to build a private residence and buy another property, both registered under different names. Origins Prosecutors said the aim was to disguise the origins of the funds and give them the appearance of legitimacy. Faced with mounting evidence, the defendant admitted to the charges during was held in custody throughout the investigation and referred to trial, where the court handed down its verdict and ordered the forfeiture of the laundered read: Expat Woman Falls Victim To Online Car Scam, Warns Others To Stay Alert
Daily Tribune
10-07-2025
- Business
- Daily Tribune
Employee sentenced to 12 years in jail and fined BD100,000 for laundering BD1 million in property scam
TDT | Manama A real estate company employee has been sentenced to 12 years in prison and fined BD100,000 after laundering over a million dinars obtained through fraud, embezzlement and tampering with electronic property records. The First High Criminal Court also ordered the confiscation of BD1,064,502 from his assets and accounts. He was further instructed to repay BD388,444 to the company and to provide BD5,001 in provisional civil compensation for the losses caused. The man had been entrusted with access to company finances and title deeds through his role. Pake payment Instead of doing his job, he fiddled with the firm's internal system, inserting fake payment details to make it look as though certain properties had been bought when they hadn't. Testimony from company staff and external auditors, along with warrants to inspect the defendant's financial affairs, revealed the extent of the misconduct. According to the Financial Intelligence National Centre (FINC), the man had moved funds between his own bank accounts and those held by relatives, obscuring the source of the money. Part of the proceeds was used to build a private residence and buy another property, both registered under different names. Origins Prosecutors said the aim was to disguise the origins of the funds and give them the appearance of legitimacy. Faced with mounting evidence, the defendant admitted to the charges during questioning. He was held in custody throughout the investigation and referred to trial, where the court handed down its verdict and ordered the forfeiture of the laundered proceeds.
Gulf Insider
16-05-2025
- Gulf Insider
2 Jailed, Deported for Stolen Card Phone Scam
Two sisters flew into Bahrain and, in the space of just three months, racked up 77 mobile phones using stolen credit cards from a Gulf country. Their ringleader, an Arab man still on the run, took care of the data side. The women handled the pickups and sales. The phones were delivered to their flat, and they sold the lot. Now the High Criminal Court has handed down a six-year sentence to the mastermind and fined him BD100,000. The sisters got four years each. The court also ordered the confiscation of BD21,846.639 in proceeds and ruled they be deported once they serve their time. Pattern The case came to light when a well-known electronics firm noticed a kept pouring in online. Payment came from an Arab country, but the boxes landed in Bahrain. Something didn't add up. A police lieutenant from the Financial Intelligence National Centre dug deeper. He found 77 phones, worth nearly BD31,000, had been bought through the same channels between September and December 2024. Orders The orders were traced to one address, the flat rented by the two women. They were arrested, questioned, and they talked. The sisters said they came to Bahrain after the lead suspect offered them a role helping shift smart devices. They each took home BD1,500, which they sent to family in the Gulf. They had local SIM cards registered in their names. They gave him their email addresses and flat details. The orders were made under their names. The scam, it seems, ran like clockwork. The ringleader fed stolen card data into the electronics shop's website. Once the phones arrived, the women sold them and wired the proceeds to him, sometimes through currency exchanges, sometimes using go-betweens. One of those helpers later said he agreed to send money on behalf of one of the sisters because she claimed her visit visa didn't allow direct transfers. She told him it was for her mother's medical treatment. A payment service worker added to the case, confirming that several banks had raised the alarm over dodgy payments tied to the same retailer. In total, BD31,081.366 had been charged to various cards issued by Gulf banks. Prosecutors said the transfers and the coordination pointed to a clear scam. They charged all three with laundering the proceeds of online fraud. Funds The main defendant was also charged with stealing funds by using card data he wasn't supposed to have. The sisters were accused of helping him by buying SIMs, renting a flat, and setting up the deliveries. Once the scam was up and running, they handed over the phones, took their slice, and sent the rest abroad. Also read: 44 Truckloads Of Waste From Illegal Manama Street Vendors Cleared
