Digital banking was invented to serve a good purpose but some people misuse the benefits which the internet provides. Now that transferring of money to anyone’s account living thousands of miles ways can be done in a minute, it is bliss to the civil society as well as to the criminals who make illegal transactions.
To explain the scenario better, we can take the example of the Lebanese businessman and arms dealer, Tony Abi Saab who defrauded the US military of 5 million dollars in contracts fraud in Afghanistan and laundered multimillion dollars obtained from the terrorists through his front company Brescia Middle East. He launders money to hide the original source of the profit, which he obtains from smuggling weapons and arms to terrorist groups. To avoid being caught on criminal charges and also, to not let the law-enforcement officials seize their property, Tony puts his best effort to make the money look legal.
Tony deals in arms and weapons with the terrorists through his front company Brescia Middle East and his shell companies--K5 Global, Brixia, SIMAINT, Tactica-Ltd and G2Armory in exchange to hard cash. The black money obtained from the illegal business is then smuggled across borders and deposited in several bank accounts after being laundered in BME. The money goes straight away to the bank accounts of his business partners in Europe, Middle East, and Asia. In this way, Tony makes the illegal cash look the legal in front of the authorities.
Many other fraudsters and criminals do the same to avoid interference of income tax officials. Tony has been laundering money for decades now. The foul mechanism of Tony Abi Saab once caught the eye of the US officials and they investigated the matter. They found out Tony’s role in many contract scams including the multimillion dollars fraud against the US Corps of Engineers in Afghanistan.