A 53-year-old Libyan national accused of involvement in a money laundering network linked to more than €57 million was granted bail under strict conditions on Thursday, after pleading not guilty to a series of financial crime charges.
Nasr Edin Jeray, who was born in Tripoli and resides in Żurrieq, was arraigned on charges of money laundering, conducting banking and financial services without the necessary licences, criminal association, and participation in a criminal organisation.
The court heard that Jeray was identified during a financial investigation involving another individual, which revealed the suspected involvement of an additional person in an alleged money laundering organisation.
Investigators subsequently requested Jeray's arrest, and he was apprehended in Żurrieq.
The prosecution explained that the investigation was connected to another case which had already been closed and formed part of a wider investigation into a suspected financial crime network that had been ongoing for several years.
Jeray allegedly converted, transferred, concealed, acquired or retained property which he knew or suspected had originated from criminal activity. He was also accused of conducting banking operations and financial institution activities in or from Malta without authorisation from the competent authorities.
Further charges alleged that he had associated with other individuals, either in Malta or abroad, for the purpose of committing criminal offences, and had participated in a criminal organisation.
Jeray pleaded not guilty to all charges.
During the arraignment, the prosecution requested a freezing and seizure order covering substantial assets allegedly connected to the accused.
The court upheld the request, ordering the freezing of assets including €57,812,396.08 and a further $132,900, equivalent to approximately €118,210. The order also covered a Lithuanian Revolut bank account and four vehicles belonging to the accused, including three BMWs and a Toyota Yaris.
The prosecution requested that the assets be preserved pending the outcome of criminal proceedings, with confiscation sought in the event of a conviction.
Bail granted despite prosecution's objections
Defence lawyer Kris Balzan requested bail on behalf of the accused, a request which the prosecution opposed, citing the seriousness of the charges. The prosecution argued that the gravity of the alleged offences warranted caution when considering whether Jeray should be released from custody.
However, the defence maintained that the accused had been living in Malta for many years and had established strong ties to the country.
The defence also pointed out that Jeray's family resided in Malta, arguing that these circumstances should be considered when assessing the risk of him absconding. It further submitted that the investigation into the alleged network had been ongoing for several years and that there was only one key witness in the proceedings.
The prosecution maintained its objections but requested that, if the court granted bail, the accused be subject to stringent conditions.
After hearing submissions from both parties, the court granted Jeray bail against a €20,000 deposit and a €100,000 personal guarantee, along with strict conditions.
The proceedings were prosecuted by lawyers Alessia Schembri and Neville Galea from the Office of the Attorney General, assisted by police inspectors Ton Joe Farrugia and Francesco Farrugia.
Lawyer Kris Balzan appeared for the accused.
Magistrate Gabriella Vella presided over the arraignment.