Four Filipino expats and a jewellery trader in the UAE have been ordered to pay AED90 million or nearly P1.2 billion after they were convicted of money laundering and fraud.
The Abu Dhabi Judicial Department said on Tuesday that the expats were also sentenced to five years in jail, and will be deported after serving in jail term.
Citing official records, the group had defrauded about 4,000 other Filipinos on the pretext of investing in gold. A number of valuables were seized from the Filipinos, including 7.4 kg of 18-carat gold valued at AED1.37 million.
Each expat was ordered to pay AED10 million each and serve imprisonment terms. Meanwhile, the jewelry trader, owned by one of the convicts, has been ordered to pay AED50,000 fine.
According to a Gulf News report, citing the Abu Dhabi Judicial Department (ADJD), the defendants lured their countrymen in the region to invest in a jewelry trading company that one of them owned, using the Gold Empire Management website as a platform.