23 Hrs
Source:
اليوم السابع
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Investigation into illicit currency trading
Authorities have managed to apprehend a suspect involved in an illegal activity related to foreign currency trading outside the banking sector. The individual was purchasing foreign currencies (such as US dollars and Saudi riyals) from citizens at black market prices, then exchanging them in banks to capitalize on the difference in exchange rates, earning commissions of up to 1%. The suspect was extensively engaged in this activity, relying on buying currencies from expatriates working abroad and selling them to traders, importers, and tourism companies at rates that exceed the legal exchange rate, in violation of the Central Bank law. During a search of his mobile phone, messages and conversations confirming his unlawful activity were found. The suspect admitted to practicing this activity. He was caught while conducting transactions outside authorized banking institutions. These operations are considered illegal banking activities, reflecting their widespread presence in the black market and posing a threat to the national economy.
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