Tbilisi: The Georgian prosecution service office has busted an international racket involved in laundering large amounts of money. The office has initiated criminal proceedings against two foreign nationals and two legal entities for their active involvement in cybercrime.
On receiving the information the office began the preliminary investigation. The law enforcer’s investigation revealed that the accused person created a criminal group to fraudulently acquire a large amount of money belonging to persons living in foreign countries.
The investigation further revealed that  as per their pre-designed criminal plan  the accused and their associates contacted foreign citizens using fictitious names. While contacting the foreigners  they posed as representatives of a non-existent international investment company.
Later on after winning their trust  they convinced them to send a large amount of money to purchase shares of companies listed on the stock exchange of the United States of America.  They   used the fake account to receive money from foreign nationals and misused it for their personal benefit.
So using these fraudulent methods the defendants took possession of approximately 150000 US dollars worth of funds belonging to individuals. Once they receive money from foreign nationals through false promises  subsequently transfer this amount to the bank in the foreign country under fake names to legalize a large amount of illegal income.
After the conclusion of the investigation criminal prosecution was initiated against accused natural persons for fraud and the legalization of illegal income. If the accused is found guilty after the trial the offense will attract imprisonment of nine to twelve years.
The action against the legal entities will result in a fine and a liquidation or confiscation of the right to work. The arrested accused natural persons have already been subjected to preventive measures to make the trial uninterpreted.
The fight against cyber fraud and money laundering is one of the priorities of the Prosecutor’s Office of Georgia. The office is investigating the matter to identify and expose other natural or legal persons engaged in similar activities.
