Media reports have indicated that the Saudi Anti-Corruption Authority has uncovered a corruption network that managed to smuggle billions out of the kingdom.
A responsible source in the authority explained to "Sharq" that the authority discovered the involvement of several bank employees in receiving bribes as part of a criminal syndicate for smuggling billions outside Saudi Arabia. The source added that the network is both internal and external, consisting of expatriates and businessmen who managed to deposit funds of unknown origin and transfer them abroad.
The source clarified that after field investigations and analysis of bank accounts for commercial entities linked to customs revenues, the unknown source cash deposited into the accounts of those commercial entities amounted to 11 billion and 590 million and 209 thousand Saudi Riyals. The authority is proceeding with its actions in cooperation with the Saudi Central Bank.
"Al-Sharq Al-Awsat" newspaper reported that the authority arrested five expatriates while they were heading to a bank to deposit an amount of 9 million and 784 thousand Riyals in cash, allowing expatriates to use those accounts in exchange for a monthly fee received by a businessman. It was noted that the accounts were used by expatriates to deposit funds of unknown origin and transfer them abroad with the collusion of bank employees in exchange for receiving amounts and in-kind gifts.
Additionally, the authority arrested seven businessmen, twelve bank employees, a police sergeant, five citizens, and two expatriates for their involvement in these crimes. They all face charges of bribery, forgery, abuse of their official power for illicit financial gain, commercial concealment, and money laundering.
Regarding the methods used by the network to transfer and smuggle money, the newspaper stated that one businessman created fictitious commercial entities under his name and that of his wife and son, to open bank accounts and enable expatriates to use those accounts for a monthly fee, colluding with bank employees in exchange for monetary amounts and in-kind gifts. The newspaper also mentioned that the businessman paid 300,000 Riyals to a police sergeant in one of the regions to obstruct a case related to suspicions in the businessman’s financial dealings.
The authority published a statement via its Twitter account confirming these facts, accompanied by a video clip showing the arrested individuals.
