Terror attack ‘was funded from abroad’

Updated 11 November 2014

Terror attack ‘was funded from abroad’

The alleged perpetrators of last week’s attack in Al-Dalwah in Al-Ahsa received funds from abroad just days before they carried out their operation, an informed source from the security apparatus has told Asharq Al-Awsat, a sister publication of Arab News.
The source was quoted as saying on Monday that the investigations into the bank accounts of the suspects arrested last Wednesday in Qassim showed that they had received money from foreign and domestic sources shortly before the attack.
Weapons and cash was found during the arrests on Wednesday, the source said, adding that those apprehended were part of a terror cell that was planning further attacks on Saudi soil.
The security source said that in addition to the 33 suspects, another two people had been arrested on Saturday evening in the Eastern Province, bringing the number of those arrested to 35. The source said that all those arrested so far are Saudis, and that some of them had been previously engaged in fighting in regional conflicts, while others were convicted of criminal offenses in Saudi Arabia. A few had been fugitives.
“The criminal plans of this terror cell have now been completely thwarted,” the source said, adding that its members had been able to secure lodging and funds.
Those involved were “fully aware that some of their colleagues had been involved in previous terror operations and wanted by the security services, and that by concealing them from the authorities they were putting themselves in danger.”
The source added: “The country’s security apparatus remains completely vigilant, ready to intercept with full force all those who seek to spread chaos within (Saudi) society, especially considering what is happening in countries neighboring Saudi Arabia during this period.”

Fraud alert over cryptocurrency falsely linked to Saudi Arabia

Updated 21 August 2019

Fraud alert over cryptocurrency falsely linked to Saudi Arabia

  • The website of a cryptocurrency company is promoting what it calls the CryptoRiyal and SmartRiyal
  • The Singapore-based company uses the Saudi emblem of two crossed swords and a palm tree

JEDDAH: Fraudsters are trying to lure victims into investing in a “virtual currency” with false claims that it is linked to the Saudi riyal and will be used to finance key projects, the Saudi Ministry of Finance warned on Tuesday.

The website of a cryptocurrency company in Singapore is promoting what it calls the CryptoRiyal and SmartRiyal, using the Saudi emblem of two crossed swords and a palm tree. Its “ultimate goal” is to finance NEOM, the smart city and tourist destination being built in the north of the Kingdom, the company claims.

“Any use of the KSA name, national currency or national emblem by any entity for virtual or digital currencies marketing will be subject to legal action by the competent authorities in the Kingdom,” the ministry said on Tuesday.

The fraudsters were exploiting ignorance of how virtual currencies work, cryptocurrency expert Dr. Assad Rizq told Arab News.

“A lot of tricks can be played,” he said. “Some of these companies are not regulated, they have no assets, and even their prospectus is sometimes copied from other projects.

“They hype and pump their project so the price goes up. Inexpert investors, afraid of missing out, jump in, which spikes the price even higher. Then the owners sell up and make tons of money.

“Cryptocurrencies are a risky investment for two reasons. First, the sector is not yet fully regulated and a lot of projects use fake names and identities, such as countries’ names or flags, to manipulate investors.

“Second, you have to do your homework, learn about the technology. And if you still want to invest, consider your country’s rules and regulations.”