25 July 2024,   16:36
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Prosecutor’s Office solved a transnational crime, initiated criminal prosecution against 2 foreign citizens and 2 legal entities

The Prosecutor"s Office of Georgia has solved a transnational crime and initiated criminal prosecution against two foreign citizens and two legal entities for cyber fraud and money laundering in particularly large amounts.

The investigation by the Prosecutor General "s Office revealed that the accused formed a criminal group to fraudulently obtain money from individuals residing abroad.

According to a pre-designed plan, the accused and their associates contacted foreign citizens under fictitious names and introduced themselves as representatives of a non-existing international investment company. They gained their trust and made them transfer amounts for the purported purchase of shares of companies listed on a US stock exchange. The accused directed these funds to bank accounts of fictitious companies under their control in Georgia.

In this way, the defendants fraudulently obtained possession of a substantial sum of funds belonging to individuals, totaling approximately $150,000 USD.

Subsequently, in order to legitimize the unlawfully acquired funds, the defendants transferred the money abroad to bank accounts under their control using fictitious invoices, thereby legalizing a substantial amount of illicit income.

Criminal prosecution was initiated against the accused individuals on charges of fraud and the legalization of illegal income, punishable by imprisonment from 9 to 12 years. Simultaneously, criminal prosecution was initiated against legal entities for the offense of legalizing illicit income, punishable by either liquidation or the confiscation of business rights, along with fines.

Imprisonment has already been selected for the accused physical entities as a measure of restraint.

Combatting cyber-fraud and money laundering remains a top priority for the Prosecutor’s Office of Georgia. The office actively continues its investigations to uncover and prosecute other individuals and legal entities engaged in similar activities.

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