UAE | Crime
8,000 victims of Dh400 million scam to get their money back
More than 8,000 victims of a Dh400 million scam, known as the non-existent wallet, are to get back their money after Eid holidays on October 12, police said in a statement on Tuesday.
- Staff Report
- Published: 16:37 September 23, 2008
Abu Dhabi: More than 8,000 victims of a Dh400 million scam, known as the non-existent wallet, are to get back their money after Eid holidays on October 12, police said in a statement on Tuesday.
A committee working on the case announced on Monday that victims must go back to the police stations where they lodged the complaints initially in order to claim their money. An affidavit needs to be signed to make the claim. The victims are shareholders who invested with a 36-year-old Emirati of Syrian origin, identified as A.A Qabalan. The man swindled thousands of people by promising them high returns of up to 30 per cent for investing money in an unlicenced investment portfolio.
The case began in April when police received numerous complaints from victims and a joint investigation by Abu Dhabi Judiciary Department and the police was launched. Initially, it was believed that the number of people cheated were 2,500, however as the case progressed the number of victims rose to 8,000.
Investigations revealed that the accused and his brothers conned people out of their money with the help of some brokers and intermediaries since February last year. Over 5,000 dud cheques and several receipt vouchers were also issued by the accused.
Due to the large number of people involved, the court had earlier postponed the case.
The assets of the accused, including 33 cars, have been confiscated upon court ruling. "The proceeds of all assets and properties of Qabalan and his family will be deposited in a special account to settle debts of the investors," the court stated in its ruling.
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