A Dubai court sentenced the organizers of the financial pyramid to 517 years in prison.
The Dubai Delinquency Court on Sunday sentenced two Indians to 517 years in prison for fraudulent millions of thousands of victims. The wife of one of the accused was sentenced to a similar term in absentia. She remains at large.
The three defendants were convicted in 515 cases brought against them and, according to the verdict, were sentenced to one year in prison for each of the 513 episodes and two years in prison for the remaining episodes.
It took the presiding judge 10 minutes to read the decision in the courtroom, where the victims of the fraudsters were present.
The first hearing in this case took place on December 25 last year. The trial was completed on Sunday.
The decision can be appealed to the court of appeal.
The company of the accused acted essentially like a financial pyramid offering up to 120 percent of the annual return on investment. The company’s office was closed by the Dubai Department of Economic Development (DED) in July 2016.
Earlier it was reported that about 7 thousand inhabitants of the UAE lost their savings due to the actions of fraudsters.
