Fraud alert over cryptocurrency falsely linked to Saudi Arabia

The cryptocurrency being peddled by Singapore-based cryptocurrency company. (Supplied photo)
Updated 21 August 2019
Follow

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.”

 


Excavators held for violating water system

Updated 5 sec ago
Follow

Excavators held for violating water system

  • The discovery was made during field tours carried out by the water department

TUBARJAL: The Al-Jouf branch of the Saudi Ministry of Environment, Water and Agriculture has apprehended three excavators who were found to be violating the water system in Tubarjal.
The discovery was made during field tours carried out by the water department, in cooperation with the competent authorities in the governorate.
Separately, authorities in Addayer in the Jazan region have arrested seven Ethiopians for smuggling 105 kg of hashish. Legal procedures have been completed against the offenders who were handed over, along with the seized items, to the competent authority.
Border guard patrols in the Al-Harth area of Jazan have also foiled an attempt to smuggle 71 kg of hashish, with initial legal procedures completed and the find handed over to the competent authority.
Security authorities have reiterated their appeal for citizens and residents to report any information regarding drug smuggling or selling by calling 911 in Makkah, Riyadh, and the Eastern Region, and 999 in the rest of the Kingdom’s regions.
Those with information may also contact the General Directorate of Narcotics Control at 995 or at [email protected].


Direct KSA to Iraq flight routes announced

Updated 30 min 22 sec ago
Follow

Direct KSA to Iraq flight routes announced

  • These flights, along with flights to Baghdad and Irbil, will commence from June 1.

RIYADH: The Saudi General Authority of Civil Aviation announced the launch of direct flights from Dammam to Najaf, the Saudi Press Agency reported on Friday.
The decision is in line with the Kingdom’s national aviation sector strategy, aimed at doubling capacity to accommodate over 330 million passengers annually, and extending services to more than 250 global destinations.
These flights, along with flights to Baghdad and Irbil, will commence from June 1.


Ministry of Hajj and Umrah praises Iraqi authorities for arresting fraudsters touting fake Hajj trips

Updated 44 min 47 sec ago
Follow

Ministry of Hajj and Umrah praises Iraqi authorities for arresting fraudsters touting fake Hajj trips

  • A ministry source in the statement also warned prospective pilgrims to beware of unauthorized Hajj offers being promoted this year
  • The ministry made it clear that visas for Umrah, tourism, work, family visits, transit, and other categories do not grant eligibility to perform Hajj

RIYADH: The Ministry of Hajj and Umrah expressed its gratitude for actions taken by the Supreme Commission for Hajj and Umrah in the Republic of Iraq that resulted in the prosecution of more than 25 companies fraudulently engaged in commercial Hajj operations.
A ministry source in the statement also warned prospective pilgrims to beware of unauthorized Hajj offers being promoted this year, primarily through social media.
Participation in Hajj requires pilgrims to obtain a legitimate Hajj visa issued by the authorities in the Kingdom in coordination with Hajj affairs offices in their respective countries, or via the Nusuk Hajj platform for those countries that do not have an official Hajj office.
The source said that the Ministry of Hajj and Umrah is monitoring advertisements from companies and campaigns, as well as identifying fake accounts on social networks allegedly offering Hajj packages at enticing prices.
The ministry made it clear that visas for Umrah, tourism, work, family visits, transit, and other categories do not grant eligibility to perform Hajj. It urged pilgrims to be careful not to fall victim to companies and others claiming to offer commercial Hajj campaigns or other misleading initiatives.
“Regulations must be followed and legally documented permits, as represented by the official Hajj visa, must be issued, so a safe, secure, well-managed Hajj program and fair representation to all nationalities is provided,” Mohsen Tutla, head of the World Hajj and Umrah Convention, told Arab News.
“Hajj is a mega event with more than 2 million worshippers. Can one imagine, if order was not imposed and (the event) not regulated, chaos would ensue,” he added.
In the statement, the ministry calls for everyone’s cooperation to help combat and report fraudulent companies and campaigns, and to seek information only by visiting its official website and engaging with its channels on social networks.


World’s largest Arabic opera opens in Riyadh

Updated 26 April 2024
Follow

World’s largest Arabic opera opens in Riyadh

  • The opera was produced by the Saudi Theater and Performing Arts Commission

RIYADH: “Zarqa Al-Yamama,” the world’s first and largest grand opera in Arabic, made its debut at the King Fahad Cultural Center in Riyadh, taking the audience on a lyrical journey through one of the best-known folkloric tales in the Arabian Peninsula.
The opera was produced by the Saudi Theater and Performing Arts Commission, and will run until May 4, telling the story of the central character’s attempts to warn her Jadis tribe of an imminent invasion.


Saudi chemistry duo add to KSA medal haul

Updated 26 April 2024
Follow

Saudi chemistry duo add to KSA medal haul

  • Team members were selected by Mawhiba

RIYADH: Two Saudi students have added to the Kingdom’s medal haul at the 2024 Mendeleev International Chemistry Olympiad being held in China from April 20-27.
Hassan Abdul Jalil Al-Khalifa, a third-grade secondary student from the Provincial Department of Education, Eastern Province, and fellow student Ali Salah Al-Moussa claimed bronze medals at the competition, lifting the Kingdom’s overall tally to three silver and 20 bronze.
More than 150 students from 27 countries are competing at the 58th session of the Olympiad.
Saudi Arabia is represented by a team of six students from several educational institutions.
Team members were selected by the King Abdulaziz and his Companions Foundation for Giftedness and Creativity, also known as Mawhiba.
Students were chosen after attending a series of forums over the course of two years, and were trained by Mawhiba, in partnership with the King Abdullah University of Science and Technology.