The criminal court in Jeddah has ordered Saudi Arabian Monetary Agency investigators to find out whether a man, accused of money laundering totaling SR2 billion, has other accounts and property in the UAE, India and China.
The court ruled that the man, a Saudi in his 30s, should be held in custody until the investigation is complete. It should also be determined if he has any property and assets not disclosed in the Kingdom, a local publication reported recently.
The court received an eight-page memorandum from the accused explaining his side of the story, but the judge delayed a hearing on this aspect until the next session. Separate charges have been filed against an expatriate, under the sponsorship of the main accused, for depositing amounts between SR30 million and SR60 million in his account.
The Bureau of Investigation and Public Prosecution (BIPP) has accused the Saudi man of depositing SR2 billion in his account for money laundering purposes, owning several bogus firms, and using his expatriate workers to deposit large amounts of money in local banks.