12 Arrested in Saudi Arabia for Involvement in Financial Fraud Scheme

• Saudi financial fraud unit investigates a criminal organization of 12 suspects, including citizens and residents.
• Bank accounts in local branches were used to receive funds, later transferred out of the country.
• Suspects will face legal proceedings and potential penalties under the Anti-Financial Fraud Law.

Saudi Arabia’s financial fraud unit, under the Public Prosecution, is currently investigating a criminal organization consisting of 12 suspects, including both citizens and residents. The individuals are facing charges related to financial fraud.

According to a source, preliminary investigations have revealed that some of the suspects utilized specialized devices to make international calls to victims within Saudi Arabia.

They allegedly persuaded these victims to invest in unlicensed digital currencies and open bank accounts in multiple local branches, through which they received funds that were subsequently transferred out of the country.

Additionally, the investigation uncovered that certain members of the organization posted their resumes on social media platforms, seeking employment opportunities. They reportedly received offers from foreign companies for remote work, but with low monthly salaries in return.

The accused individuals received electronic devices from other members of the criminal organization who impersonated a well-known telecommunications company. These devices were discreetly installed in homes, operated by the suspects, and used to conceal tracking data.

During the search of the suspects’ residences, law enforcement authorities discovered various electronic devices used for making calls, as well as SIM cards and mobile devices specifically employed to activate these SIM cards.

The source noted that the suspects have been apprehended and will face legal proceedings in the appropriate court, where they could potentially receive significant penalties under the Anti-Financial Fraud Law.

It was further emphasized that the Public Prosecution is fully committed to combating all forms of financial crimes and will not hesitate to impose severe punishments on those found guilty.

The Public Prosecution has emphasized the significance of verifying any communication related to job offers, investment opportunities, and similar matters. This precautionary measure aims to prevent data exploitation and the misuse of bank accounts in financial fraud crimes.