Four jailed in UAE for defrauding 4,000 people in gold scam

A court in Abu Dhabi has convicted four people and a jewellery firm of money laundering and fraud.

The Filipino expats have been sentenced to five years in jail for defrauding thousands of compatriots in a gold investment scheme.

They have been ordered to pay a fine of AED 10 million each and will be deported after serving their jail terms.

The court also imposed a AED 50 million fine on a jewellery company owned by one of the accused.

Nearly 7.4 kg of 18-carat gold, worth over AED 1.37 million were confiscated from the group.

According to the Abu Dhabi Judicial Department (ADJD), the defendants lured people into investing in gold business for a AED 2,000 subscription fee.

Investigations revealed the group was promoting the fake scheme using a website under the banner of Gold Empire Management (GEM).

The victims were targeted through social media platforms, online advertisements and contests. Those who brought in new subscribers were also rewarded AED 1,000 for each new member.

Officials have urged the public not to fall for such schemes and advertisements, and to report any suspicious activity.

Abu Dhabi Court Convicts 4 Filipinos and a Jewellery Company for Money Laundering and Fraud on 4,000 People
The judgment includes a fine of 90 million dirhams and the confiscation of 7,370 grams of gold. pic.twitter.com/vd96d7HLTB

— دائرة القضاء-أبوظبي (@ADJD_Official) March 16, 2021