Dubai: Renowned Emirati businessman Abid Al Boom's lawyer said his client will transfer $20 million (Dh73.4 million) to the accounts of the special tribunal.
The special tribunal at the Dubai Misdemeanors Court is currently prosecuting Al Boom for allegedly defrauding and swindling more than 3,850 investors out of more than Dh900 million.
One of Al Boom's lawyers, advocate Ali Falasi, on Sunday handed Presiding Judge Al Saeed Mohammad Barghout a document claiming that his client will transfer the amount of $20 million soon.
Al Boom earlier pleaded not guilty and denied the charge of running a bogus investment portfolio, breach of trust and defrauding and swindling nearly 4,000 investors.
Al Boom's 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 him.
