The Court of Cassation brought down the curtain on the largest cases of real estate fraud and money laundering, by putting behind bars a Kuwaiti businessman for 7 years and fining him 128 million dinars on charges of selling fake real estate, consisting of chalets in Al-Khairan.
The Criminal Court had earlier sentenced the businessman to 17 months, and the second accused (a fugitive expatriate) for 7 years with hard labor, and that they be fined 128 million dinars and refer the civil case to the competent civil court for consideration, reports Al-Rai daily.
The Public Prosecution accused the defendants of money laundering in the amount of (64,294,023 Kuwaiti dinars) by deliberately possessing and acquiring that money, by collecting it from the victims for the purpose of investing in the real estate sector in two companies, owned by the businessman, and deposited in the bank accounts of the two companies.
The prosecution also charged the defendants with, in their capacity as those authorized to manage, signing the companies’ accounts at banks, feeding their personal accounts, and making internal and external transfers, as if they were used in real estate investments, for the purpose of camouflaging and concealing the illicit source of the funds, that they fraudulently to delude the victims about the existence of a false project and create hope of an imaginary profit, by placing advertisements in various means about opening the door for investments in the real estate field.
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