Duo arrested in Saudi for duping people in name of investment trading

The arrest of a Saudi citizen and a Yemeni resident in their 30s and 50s respectively is part of the efforts of the security forces in combating financial crimes, Maj. Al-Kraidis said

  
Laptop with handcuff. Image used for illustrative purpose.

Laptop with handcuff. Image used for illustrative purpose.

Getty Images/ artland

RIYADH Two men were arrested in Riyadh for indulging in financial fraud, the Saudi Press Agency reported on Monday, quoting Maj. Khaled Al-Kraidis, the media spokesman for the Riyadh police.

The arrest of a Saudi citizen and a Yemeni resident in their 30s and 50s respectively is part of the efforts of the security forces in combating financial crimes, Maj. Al-Kraidis said.

According to the police spokesman, the duo committed as many as 79 financial crimes in Riyadh, Eastern Province, Makkah, Jazan and Al-Jauf by luring their victims to invest in the global trading markets.

They used to transfer the collected money outside the Kingdom through a bank account of a commercial institution owned by a female citizen.

The spokesman also said that SR500,000 was seized from their possession during the arrest, adding that preliminary legal measures were taken against them before referred them to the Public Prosecution.

 

© Copyright 2021 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Risk