14 arrested for unlicensed cryptocurrency investment scams

Logo of Public Prosecution

The Prosecution for Financial Fraud Crimes initiated its investigation into an organized crime group, consisting of 14 citizens and residents of Saudi Arabia, on charges of financial fraud, according to a statement today, Oct. 17.

The investigation revealed that these individuals agreed to cooperate with fictitious foreign companies, working remotely for low pay, granting access to their bank accounts and facilitating deceptive contact with the victims to misappropriate their funds.

The crime group, who used SIM card devices with multiple mobile numbers, allegedly promoted unlicensed digital currencies, received bank transfers from the victims and transferred them to these foreign companies.

The suspects have been detained on the charges against them. They were referred to the relevant court for the applicable penalties as per the Anti-Financial Fraud and Breach of Trust Law.

In its statement, the Public Prosecution reiterated its commitment to pursue criminal proceedings against fraudsters, ensuring legal consequences.