Balvinder Singh Sahani is looking to appeal against a prison sentence in Dubai after being convicted in a string of money laundering cases earlier in May this year. Born in Kuwaiti, Sahani faces jail time of five years in Dubai for illegally moving around funds worth AED 150 million (roughly Rs. 40 million).
Sahani was the founder and chairperson of a property development company called the Raj Sahani Group. An investigation into his business started after the Abu Dhabi’s State Security Agency was tipped that the 53-year-old businessman could be involved in illicit activities.
After investigation, Dubai’s Court of Appeal ruled that Sahani and other 30 people accused in this money laundering syndicate must repay the entire laundered amount to the authorities.
Sahani, who also goes by the name Abu Sabah in the circle of high profile Dubai socialites, now plans to appeal against the verdict next week, following which the Dubai Court of Cassation will give its final verdict around December 31, The National reported.
Probe into Sahani’s operations indicated he was involved with U.K.-based drug traffickers who were moving funds around in the form of BTC. Since crypto transactions are largely anonymous, the convicted group of individuals managed to fly under the radar without being detected.
Of the 30 individuals found guilty, ten are reportedly at large and the remaining 20 have been taken into custody. Three of Sahani’s companies have been fined for AED five million under court orders after traces of profits from the laundered funds were found to have been deposited in these firms.