23 face trial in BD75 million money laundering case

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

The High Criminal Court has begun hearing a money laundering case worth BD75 million which involves 23 defendants who obtained a BD500 million loan from one of the Gulf countries.

They conducted money laundering operations on the amount after defrauding the bank and evading installment payments.

Among the eight defendants are four British, a Turkish, an American, two Bahrainis, and an Asian, in addition to 15 companies which the suspects used to legalise the money.

The defendants were able to get a $500 million bank loan while they were in one of the Gulf countries.

They were successful in obtaining the loan after submitting papers and documents claiming their fields of business and investments.

They made several transfers of money to various countries abroad and conducted suspicious commercial operations on the money to conceal the source of the funds and claim their authenticity.

According to investigations, they got the loan and transported $75 million to Bahrain under the guise of investment, through the acquisition of real estate and land, as well as the formation of multiple fictional firms.

The two Bahrainis, who are brothers, attempted to disguise the source of the money to help the other defendants.

Meanwhile, the court decided to postpone the next session until October 18, 2022 to allow the defendants’ lawyers to review the papers of the case and respond.