A Riyadh court has sentenced a Saudi man to five years in prison for issuing 22 bounced cheques worth SR12 million, according to local media.
The accused deceived victims by convincing them to invest in fictitious tenders. The court fined him SR300,000 and ordered the return of the defrauded amount to their rightful owners.
Upon his arrest and referral to the competent court, substantial evidence was presented, leading to his conviction.
The Public Prosecution, represented by the Financial Fraud Prosecution, conducted investigations that revealed the accused issued cheques without sufficient funds in bad faith. Consequently, he was charged with violating the Anti-Financial Fraud Law and the Commercial Papers Law.
The Public Prosecution emphasized the severe penalties for financial fraud and the legal protection of commercial cheques, warning that such acts will result in immediate referral to competent courts for strict legal sanctions.
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