A Saudi man was given a seven year prison sentence and a fine of one million riyals after he committed financial fraud worth 18 million riyals.
Upon investigation, it was revealed that the accused had misled the victims into making financial investments through one of his fictitious companies and he would steal their funds through this method.
After legal proceedings, the accused was found guilty of violating the Anti-Financial Fraud and Breach of Trust laws.
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The accused would take advantage of his victims by using a similar name of a known company which was carrying out the same activity.
The Public Prosecution stressed the importance of verifying the best investment methods, and the importance of knowing the sources of these activities before investing in them.
The authority also reminded residents of the severe criminal punishment that financial fraud is subjected to.