Monday, 21 May , 2018     |     669      |      +      |     

Kuwaiti acquitted in money laundering

Kuwaiti acquitted in money laundering : Google
  • Life

The Criminal Court has acquitted a citizen of money laundering and usury involving KD 18,000.

Earlier, the Public Prosecution Department pressed charges against the suspect for laundering KD 18,300 in five months, indicating he deliberately acquired, possessed and used the sum before transferring it with full knowledge the money was acquired through usury.

The suspect was allegedly in the habit of lending money to citizens to pay their bank loans in return for interest until one officer at the money laundering unit of a local bank detected his activities.

According to the officer, the accused would make bank transfers to the accounts of his victims and the latter would also transfer the sums back into his account.

He stressed that sums transferred did not tally with the monthly salary of the suspect, which does not exceed KD 700.

He noted interests paid by the victims added up to KD 2,500 per transaction, indicating the accused realized an estimated KD 18,300 through usury.

Meanwhile, the accused denied all charges leveled against him, while Attorney Zayed Al-Dousari argued that the victims did not lodge any formal complaint against his client save for lack of concrete evidence indicating they were in need of money to pay their banks loans.

He reaffirmed the accused obtained the money in question from his share in inheritance.

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Category: #Life | 2018/05/21 latest update at 7:00 AM
Source : Arab Times Online | Photocredit : Google
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