A court in the UAE has jailed a man convicted of embezzling AED40m ($10.9m) from his employer to fund a luxury lifestyle.

The convict used the embezzled funds to buy luxury cars, valuable jewellery and international holidays.

He has been jailed and ordered to return the proceeds of his crimes.

UAE money launderer jailed

The Abu Dhabi Criminal Court, which has jurisdiction over money laundering and tax evasion offences, has convicted the defendant.

The man was involved in a case of laundering amounts derived from embezzlement, intentional damage to public funds, and forgery and use of forged official documents.

He was also found to have taken advantage of his position in a public agency to create false scholarship files with the aim of defalcating funds from his employing authority, totalling some AED40m ($10.9m).

The criminal court sentenced the accused to 15 years’ imprisonment for committing the offences of appropriation and intentional damage to public funds, forgery and use of forged official and customary documents, restitution of the embezzled sums, and a fine equal to the sums defalcated.

The court also imposed a ten-year prison sentence and a fine of AED10m on him for the crime of money laundering, and ordered the confiscation of all proceeds and objects seized and linked to, used in, or resulting from the crime.

The investigations conducted by the Abu Dhabi Public Prosecution in the UAE revealed that the defendant abused his professional position to commit the offences.

He was found to have appropriated public funds, and attempted to hide and disguise the truth and the source of the funds derived from his criminal project, by acquiring luxury cars, registration plates with distinguished digits, valuable jewellery, and trips abroad.

In the context of this case, the Public Prosecution in the UAE advocated the need to preserve public funds and to take all necessary measures to counter any attempt to appropriate or obtain such funds by fraudulent and illegal means, in such a way as to ensure the protection of the resources and capabilities of the country and the preservation of the integrity and transparency of its financial and economic system.