Bahrain22 October 20242 min read

Exchange Company Manager Jailed for BD1m Fraud

TDT | Manama The Daily Tribune – www.newsofbahrain.com Email: mail@newsobahrain.com A Court of Cassation has upheld a five-year prison sentence for a money exchange company manager convicted of fraud involving more than BD1 million in illicit transactions. The manager, who

Editorial Team Legacy

Published 22 October 2024, 8:00 · Updated 18:24

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Exchange Company Manager Jailed for BD1m Fraud

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Email: mail@newsobahrain.com

A Court of Cassation has upheld a five-year prison sentence for a money exchange company manager convicted of fraud involving more than BD1 million in illicit transactions. The manager, who worked at a Bab Al Bahrain branch, received a BD5,100 bribe to process international money transfers using the names of former and fictitious clients.

Two accomplices received three-year sentences and deportation orders. The Public Prosecution accused the manager of accepting bribes, violating his duties, and entering false data into the company’s system between 2021 and 2023. His accomplices were charged with bribery and collusion. The scheme involved processing numerous transfers in amounts below reporting thresholds to conceal the origin of the funds.

One accomplice facilitated 587 transactions totaling approximately BD1 million for a BD4,500 bribe, while the other processed 78 transfers worth BD100,000 for a BD600 bribe. The fraudulent activities caused significant losses to the exchange company. The High Appeals Court previously confirmed the initial court's ruling.

Exchange Company Manager Jailed for BD1m Fraud

Editorial Team Legacy

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