Saudi woman sentenced to prison over $133 million scam

A Saudi woman was sentenced to a year in prison for earning SR500 million ($133 million) illegally in one of the biggest financial scams in the Kingdom, Al-Hayat newspaper reported.

A source reported over 600 citizens and residents sued a young Saudi woman, with the nickname “Woman of deception”, for exploiting them and stealing their money.

“The woman in question is only 25 years old and she approached many people promoting her fake companies. She posed as the head of a charity organization, a stock market broker and the provider of several random services,” said the source.

The source said the victims of her fraudulent activities had paid her in cash for her services without any written contracts to document the transaction.

“Her victims said the woman was very convincing and was a good marketer of her fake services. Many were impressed immediately and paid her in cash or deposited money into her bank account. She also issued invalid checks to many of her victims as part of a business transaction,” said the source.

“The woman was arrested and detained at a care home in Makkah while her case was being processed. Several lawyers and legal consultants have demanded she received maximum punishment for her big scam,” said the source.

The source added after thorough investigation and careful deliberation the Penal Court in Makkah sentenced the woman to a year in prison.

“The general public must be aware of such frauds in their community. They should not give strangers money freely without asking for documentations to protect the transactions between them. The woman was very cunning as she would sign contracts with untraceable signatures,” said the source.

The source said this was one of the biggest fraud cases reported in the Kingdom.