Dubai: A senior prosecutor contended in court on Sunday that renowned Emirati businessman Abid Al Boom ‘suspiciously' owned 53 branded and classy cars although he drove a Dh30,000 car in 2004.
"The greed-driven suspect, Abid Al Boom [charged with running a bogus investment portfolio, breach of trust, defrauding and swindling more than 3,850 investors out of more than Dh900 million] used to drive a car worth less than Dh30,000 in 2004… however investigators unveiled that after establishing his investment portfolio he had 53 brand new classy cars registered in his name," said senior prosecutor Younis Hussain who presented Dubai Public Prosecution's (DPP) closing argument before the Dubai Misdemeanors Court on Sunday.
Chief Judge Al Saeed Mohammad Barghout is chairing a special tribunal in the Misdemeanors Court, which was formed to handle the major case of Al Boom, owner of Abid Al Boom Management and Development Properties
Al Boom had pleaded not guilty. His seven alleged associates including his brother, K.B., another Emirati, A.S., an Egyptian, M.I., a Malawian, M.M. and three Somali women also denied aiding and abetting Al Boom.
Presenting an hour-long argument, Hussain argued in courtroom nine yesterday: "The suspects were greedy and corrupt. They didn't fear God when they deceived hundreds of complainants and left them impoverished. The main aim of the suspects, led by Al Boom, was to breach the trust of people who invested their lifesavings in the unlawful portfolio. Primary interrogations exposed that the suspects spent most of the money on luxurious matters such as buying new cars, yachts, properties and throwing private parties and etc…"
Hussain said Al Boom spent the claimants' investments in a way that defied accountancy and monetary rules and regulations.
Al Boom's advocates Ali Al Falasi and Hassan Juma Al Raisi asked Presiding Judge Barghout to present their defence next hearing because their client failed to attend yesterday's hearing.
"My client turned himself in to DPP's Criminal Rulings Execution Section because last week he was sentenced to three years in prison for signing a bounced cheque. He could not attend today's hearing, therefore, I request the court to permit us to defend his case next hearing," argued Al Raisi.
Judge Barghout adjourned the case until June 27 for Al Falasi and Al Raisi to study documents.
