Nazaha files criminal case of SAR 11.6 bln

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The Oversight and Anti-Corruption Commission (Nazaha), in cooperation with the Saudi Central Bank (SAMA), uncovered a major criminal case, in which a number of bank employees received bribes from a group of residents and businessmen, in exchange for depositing cash of unknown source and transferring them outside the Kingdom.

In a statement, the commission said that by conducting field investigations and analyzing bank accounts of commercial entities and linking them to customs imports, it became clear that the anonymous cash deposited in the accounts of those commercial entities amounted to SAR 11.59 billion.

Five residents were arrested while heading to a bank to deposit an amount of SAR 9.8 million in their possession.

Moreover, 7 businessmen, 12 bank employees, a police officer, 5 citizens, and 2 residents were also arrested for their involvement in bribery, fraud, and exploitation of their positions in illicit financial gain, as well as for commercial cover-up and money laundering.