Bahrain High Criminal Court Set to Deliver Verdict in Landmark Money Laundering Case

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

The Bahrain High Criminal Court is set to deliver its verdict in a money laundering saga that has rocked the nation. Two individuals stand accused of orchestrating a scheme that fleeced unsuspecting victims of a staggering BD10 million. A hearing is set for May 13 to deliver the sentence.

According to court documents, the defendants cunningly lured in their prey under the guise of promising investment opportunities. They also engaged in a web of illegal financial manoeuvres to launder ill-gotten gains. The Public Prosecution brought forth multiple charges against the perpetrators.

Their alleged transgressions spanned from 2016 to 2022, during which they purportedly amassed over BD10 million from a dozen victims. Shockingly, the first defendant is accused of pocketing an additional BD6 million, further deepening the gravity of their offences.

Money laundering

The defendants also find themselves facing accusations of money laundering. Their activities reportedly included a labyrinth of transfers, cash withdrawals, international transactions, and penalty payments, all amounting to a staggering BD10 million. Prosecutors said they embarked on a relentless investigation, fuelled by a damning report from the Financial Crimes and Money Laundering Prosecution via the National Centre for Financial Investigations.

It is alleged that the suspects masterfully manipulated their victims through their respective institutions, reeling in funds from approximately 500 individuals. Investigators unearthed a harrowing trail of deceit, revealing how the defendants meticulously laundered their criminal proceeds.

Funds were recycled between victims and perpetrators, laundered through intricate financial transfers, both domestic and international, and clandestine cash withdrawals.

As the case unfolded, the perpetrators attempted to evade justice, prompting authorities to issue an international arrest warrant. However, their flight from justice was short-lived, as they were apprehended in a neighbouring GCC state, though not before leaving a trail of financial devastation in their wake.