India, May 6 -- Dubai-based Indian billionaire Balvinder Singh Sahni was sentenced to five years in jail last week on charges of money laundering. According to Gulf News, a Dubai court ordered the confiscation of 150 million AED ( Rs.344 crore) from the businessman, who is widely known as 'Abu Sabah'.

Sahni, a fixture in Dubai's elite circles, has been convicted of laundering 150 million dirham through a network of shell companies and forged invoices. Dubai's Fourth Criminal Court has imposed a fine of 500,000 AED on the Indian businessman and sentenced him to five years in prison.

The court has also ordered that Sahni be deported after the completion of his prison sentence. Sahni's son was among the 32 other people convicted alongside ...