40 jailed in Abu Dhabi over digicoin investment scam

  DUBAI – Forty gang members have been jailed in Abu Dhabi for scamming people into investing in a bogus digital currency called “Foin”. The gang included 17 Emiratis, 16 Iranians, two Indians, a Saudi, a Mauritanian, an American, a Greek and a Comoros Island national. The Abu Dhabi Criminal Court sentenced 23 of the main defendants to 10 years in prison and fined them Dh10 million each. The court also sentenced eleven of the defendants to seven years in jail and fined them Dh10 million each for money laundering and financial fraud. One of the defendants was fined Dh10 million and given a five-year jail term. Five others were sentenced to six months in jail and fined Dh20,000 each for illegally obtaining cash. Eight companies that were involved in the illegal activities were also fined Dh50 million each. The scam came to light after the victims found out that they could not access their capital from the so-called Foin. Investigations revealed that the gang lured people into investing in their portfolio, claiming they were trading in stock markets. They promised their victims up to 18 percent profit. Prosecutors said the group engaged in financial fraud, money laundering and carried out economic activities without licences. ICA/Expat Media
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