By Courtney Trenwith
Saudi man claimed to have at least 8 foreign bank accounts, including in the UAE and China
A Saudi man has reportedly been convicted of illegally laundering SR2bn ($533m) through at least eight foreign bank accounts, including in the UAE and China.
The man, aged in his 30s, was detected when he transferred SR550m in a single transaction, Saudi Gazette reported.
He was arrested at Jeddah’s King Abdulaziz International Airport when he returned from an African country.
In explaining how he had so much money, the man claimed to have businesses in the kingdom, the UAE, China and India but when police checked the warehouses and factories he said he owned they were found to have gone out of business, the daily said.
He also said he had expatriate employees transfer the money through his various accounts abroad, but the investigation found he was a public sector employee and lived a modest life with his father. He was found guilty of money laundering and is yet to be sentenced.