By Parag Deulgaonkar
Suspected thought to be involved in fraud
Abu Dhabi ordered the arrest of 20 people suspected of being involved in a bogus investment portfolio regarding car sales, WAM reported.
Among the 20 individuals, others were to be arrested on charges of fraud, money laundering and operating a business entity without official licence.
The suspects’ illegal activities are punishable under the Federal Penal Code and Federal Law No. 9, involving combat money laundering crimes.
Attorney-General Ali Mohammed Al Balushi created a team to investigate the case and to co-ordinate with the relevant authorities.
The Finance Public Prosecution launched their investigation on February 23 following the arrests, WAM said
It also seized funds that were found with the suspects, initiated procedures to freeze their bank accounts and confiscated cars involved in the case.
Al Balushi also ordered the arrest of 25 people for breaching a ban that was issued on February 23, for circulating the case on social media.
The violators will be prosecuted under Federal Decree Law No 5 to combat cyber crimes.