Seizure of Assets Involved in a Major Investment Scam
In a significant legal development, the Anti-Money Laundering Court in Fes has issued a ruling concerning three individuals linked to a criminal network that deceived potential investors in the fields of stock trading, gold, and e-commerce. This network was dismantled following precise information provided by the regional directorate for national territory security, which revealed its illegal activities.
Presided over by Judge Radi, the court delivered a verdict in absentia against the main defendant, Ashraf Msbahi, and his wife, Kawtar Dahmani, sentencing them to two years of suspended imprisonment and imposing a fine of 100,000 dirhams. Additionally, co-defendant Nada Al-Hail was sentenced to one year of suspended imprisonment and a fine of 30,000 dirhams, along with joint liability for costs.
According to court sources, the ruling included the confiscation of the seized bank accounts of the defendants in favor of the public treasury, alongside the seizure of real estate, movable assets, and commercial properties for the benefit of the Moroccan state.
This case saw the appellate court in Fes uphold a previous ruling on February 19, which confirmed the conviction of the main defendant, Ashraf Msbahi, reducing his prison sentence to four months, while maintaining the shared financial liabilities among the defendants.
Earlier, the leader of this criminal organization received a two-year prison sentence during the initial trial, while his wife was sentenced to six months of suspended imprisonment. Conversely, the third defendant, Nada, was acquitted of all charges against her.
The dismantling of this network was executed by the regional police based on actionable intelligence provided by the national territory security directorate. Investigators uncovered that the network had preyed on numerous individuals, falsely promising substantial financial returns through investments in e-commerce.
Upon initiating the investigation, authorities reached out to the public prosecutor's office, informing them of these findings, which led to an official inquiry and a nationwide search warrant for the network's leaders, Ashraf Msbahi and Kawtar Dahmani, as well as interviews with victims.
One victim, Huriya H., reported that she had fallen victim to the couple's schemes, who led her to believe that she could achieve significant profits through investments in e-commerce and stock markets. Consequently, she transferred a total of 2,280,000 dirhams (approximately 228,000 USD) in several installments.
During preliminary investigations, the main defendant admitted to receiving large sums from individuals he had misled into believing their funds would be invested in digital trading. However, he actually utilized these funds to acquire various properties instead. He falsely assured his clients that he would return their investments along with pre-agreed profits, while some clients still owed him considerable amounts.
The primary defendant revealed that most of his clients were either family members or acquaintances of his wife, who was also complicit in these fraudulent activities. The scheme initially began with Nada H. convincing her aunt, Huriya H., to invest in e-commerce and digital trading.
Throughout the ongoing financial exchanges, the main defendant encouraged both Huriya H. and Nada H. to recruit additional investors, claiming expertise in trading and investing their funds in gold. This case underscores the complexities of investment fraud and the importance of vigilance among potential investors.
As reported by goud.ma.
