Billionaire Saudi Prince, Who Recently Implied Bitcoin is a Fraudulent Scheme, Arrested for Fraud and Money Laundering

Wasn't it only a week ago this guy was saying Bitcoin was a fraud?


Savoy-owning billionaire Saudi prince is among 11 high-ranking royals and four government ministers arrested in Gulf kingdom amid spate of sackings... hours after a missile attack on the capital Riyadh 

Eleven princes and dozens of former government ministers have been arrested in Saudi Arabia hours after an anti-corruption commission was formed.

According to local reports, Prince Al-Waleed bin Talal - who is one of the richest men in the world and owns London's top hotel the Savoy - is one of the men who has been detained.

However those who have been arrested have not been named by officials.  

The powerful heads of the Saudi National Guard, an elite internal security force, and the navy were also replaced in a series of high-profile sackings that sent shock waves in the kingdom.

It comes hours after Saudi Arabia hit and destroyed a 'ballistic missile' northeast from its capital Riyadh after it was launched from Yemen. 

The missile was destroyed near Riyadh's King Khaled international airport and was said to be of 'limited size'.

No injuries or damage were reported. 

In June this year, Crown Prince Mohammed bin Salman was appointed to the role after his father, King of Saudi Arabia Salman bin Abdulaziz Al Saud, decided to depose former Crown Prince Muhammad bin Naye.

Earlier this evening, ahead of the arrests, Prince Mohammed established the anti-corruption commission by royal decree.

 An aviation source has said that security forces had grounded private jets in the Red Sea city of Jeddah, potentially to prevent any high-profile figures from leaving.

'The breadth and scale of the arrests appears to be unprecedented in modern Saudi history,' said Kristian Ulrichsen, a fellow at the Baker Institute for Public Policy at Rice University,' they said.

'The reported detention of Prince Al-Waleed bin Talal, if true, would send shockwaves through the domestic and international business community.'

The arrests come less than two weeks after Prince Mohammed welcomed thousands of global business titans to Riyadh for an investment summit, showcasing his economic reform drive for a post-oil era.

The 32-year-old crown prince, often known as MBS, has projected himself as a liberal reformer in the ultra-conservative kingdom with a series of bold moves including the decision allowing women to drive from next June.

Already viewed as the de facto ruler controlling all the major levers of government, from defence to the economy, the prince is widely seen to be stamping out traces of internal dissent before a formal transfer of power from his 81-year-old father.