Eleven employees of UAE Exchange in Bahrain have been convicted of participating in a BD350 million ($930m) money laundering racket, Gulf Daily News has reported.
Four others also have been found guilty of participating in the scam, which involved sending money to Saudi Arabia.
The men, including 11 managers and staff at UAE Exchange, were convicted of crimes including money laundering, illegally transferring money, forging documents, hiding data, failing to provide registers documenting the company's transactions and providing false information to the Central Bank of Bahrain.
The crime was detected during a major investigation across GCC countries, including the UAE, Bahrain and Saudi Arabia, GDN said.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.