Okaz/Arabian Weekly
JEDDAH — A Saudi court sentenced a Saudi citizen to seven years in prison and SR1 million in fine after convicting him of financial fraud. The court found him guilty of violating provisions of the Financial Fraud Law and committing the breach of trust.
The Public Prosecution said that it was revealed in investigations that the accused collected SR18 million after deceiving the victims into making financial investments by concluding investment agreements through one of his shell companies.
This was after taking advantage of the similarity in name with one of the companies practicing the same activity. The man was arrested and referred him to the competent court, which pronounced the verdict after completing the trial procedures.
The Public Prosecution urged the public to verify the best investment methods, and ensure the authenticity of the investment firms and individuals before making investments. It warned that those who involve in any fraudulent means to seize money of others will be subjected to strict criminal accountability.