Details of the Financial Fraud Case

Saudi prosecutors have referred a detained citizen to court on charges of committing financial fraud amounting to SR69 million. The man allegedly impersonated another person to seize multiple properties in Riyadh and defraud a victim by promising fake investment and commercial partnerships.

Legal Proceedings and Indictment

The financial fraud prosecution interrogated the suspect and filed a bill of indictment. Prosecutors have requested the court to impose severe penalties. However, the trial date is yet to be announced.

Recent Financial Fraud Cases in Saudi Arabia

Case of SR493 Million Fraud

Last month, Saudi Arabia's Oversight and Anti-Corruption Authority revealed the arrest of a man accused of colluding with a local bank employee to obtain SR493 million in fraudulent bank financing using falsified title deeds and contracts.

Expatriates Convicted of Fraud

In October, a Saudi court sentenced two expatriates to 15 years in prison each for conducting 177 financial fraud operations, amassing SR22 million. The convicts were fined SR1 million and SR500,000, and deportation was ordered after serving their sentences.

Saudi Arabia's Efforts Against Financial Fraud

In a bid to combat financial fraud, Saudi Arabia established a specialized prosecution branch last year. This branch expedites legal procedures for such cases and is staffed with experts in financial fraud crimes.