A businessman hired an expatriate in exchange for a monthly payment, while other businessmen launched a number of fake commercial entities; some even opened entities under their family members’ names.
This helped them open bank accounts, which were used as a means to deposit large cash sums and transfer them abroad with the help of bank employees, including a bank manager who was involved in the fraud scheme by facilitating financial payments and creating fake accounts for residents in exchange for money and gifts, according to authorities.
A police officer was paid 300,000 riyal by a businessman to cover up the suspicious financial operations and a further 4m was paid to citizens colluding to stall the case with the prosecutors.
Kuwait climbs seven spots on corruption index
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KSA: 32 arrested for bribery, fraud, exploitation of position and money laundering
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Thursday, 28 January, 2021 - 08:45
Nazaha President Mazen Al-Kahmous, Asharq Al-Awsat Riyadh - Asharq Al-Awsat
Saudi anti-graft authorities on Wednesday exposed a massive corruption scheme worth 11.5 billion riyals involving bank officials and businessmen.
The Anti-Corruption Authority (Nazaha) said it launched an investigation in cooperation with the Saudi Central Bank after receiving information about some bank employees receiving bribes from an organized gang in the Kingdom.
The gang consists of expatriate residents, citizens and businessmen who deposit cash from unknown sources and transfer them outside the Kingdom.
The two entities examined the bank accounts of commercial entities involved in the illegal transactions and found out that 11,509,209,169 riyals were transferred outside the Kingdom.