Al-Jihani gets 20 years for SAWA swindle

Al-Jihani gets 20 years for SAWA swindle Arab News

JEDDAH: The trial of Abdul Aziz Al-Jihani, the 42-year-old mastermind of what is known in the Kingdom as the SR1.2 billion SAWA card scam, has finally come to an end with the Jeddah Summary Court sentencing him yesterday to 20 years in jail and 1,000 lashes. Al-Jihani's lawyer, Hisham Hanbouli, described his client's sentence as "very harsh" and said he would appeal the verdict at the Court of Cassation. "The verdict is more severe than in other such cases where defendants received prison terms ranging from 10 to 15 years, which were later reduced," Hanbouli said. Al-Jihani, a former STC security guard, has been found guilty of defrauding thousands of investors by claiming to have access to SAWA calling cards at about 80 percent of their face value. The man was accused and found guilty of creating an investment scam where he sold shares in his venture to sell these cards in the market at face value with promises to distribute the profits among the investors. Forty accomplices, who include members of security forces and other public servants, have also received various punishments, including the confiscation of properties and the freezing of bank accounts. More than 40,000 investors fell victim to Al-Jihani's scam and the next step for authorities is to attempt to recoup some of the funds through these property and account seizures. The SAWA investment scam started five years ago and lasted six months. The price per share was SR8,500 and the investors were promised a weekly profit of SR1,500 per share. This attracted many people to the scheme. During the scam, STC ran an advertisement campaign denying any involvement or knowledge of the investment. Since the scammers were initially distributing "profits" to investors (in order to give credence to the scheme), some police officers were involved in offering protection during the distribution, which were attended by large crowds of investors. Hanbouli maintains that his client never actually acquired or sold SAWA cards and that the money is still in the hands of the investors. "It was merely a case of money circulation," he said appealing to all investors who received various amounts of money to return it to court.