Exchange company manager jailed for million-dinar fraud scheme

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

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A manager, in his fifties, at a local exchange company has been sentenced to five years in prison and deportation for orchestrating a sophisticated million-dinar fraud scheme.

The Court of Cassation upheld previous rulings by lower courts, confirming the five-year sentence and highlighting the severity of the crime.

The manager received a total of BD5,100 in bribes to facilitate the fraudulent transactions.

The manager, working at the company’s branch in Souq Waqif, conspired with two accomplices, who also received three-year prison sentences and deportation orders.

Between 2021 and 2023, the trio executed a complex operation, processing over BD1 million in international money transfers without the consent of the individuals whose names were used.

Authority According to the case files, the other two defendants exploited the manager’s authority by offering him bribes to breach his duties.

The fraudulent scheme involved the manager manipulating the company’s IT system to falsify transaction records.

The transfers were disguised as legitimate transactions from existing customers or individuals with no connection to the company.

Installments To avoid detection, the money was sent in smaller installments, carefully remaining below the maximum transfer limit per transaction.

All funds were ultimately transferred to an Asian country.

They took this action to avoid questioning regarding the source of the funds, while case records indicate that their misconduct caused significant damage to the exchange company.

One accomplice facilitated 587 transactions totaling approximately BD1 million, paying a BD4,500 bribe to the manager.

Transfers The other accomplice processed 78 transfers amounting to BD100,000, offering a BD600 bribe.

Neither accomplice verified the authenticity of the customer data they provided to the manager.

The Public Prosecution charged the manager with bribery, breach of trust, and data falsification. His accomplices faced charges of bribery and conspiracy.