DUBAI : The SCA announced that the penalised entity was found to have colluded with a foreign company to deceive investors and illegally seize client funds. The investigation revealed that the firm falsely claimed the foreign partner was licensed by the SCA, misleading the public and breaching several laws related to anti-money laundering, combating terrorism financing, and other regulatory standards.
The case has now been handed over to the competent judicial authorities for further legal proceedings.
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