UAE | Crime
Conman invested Dh200m in UAE banks to pay profits
Police say he gained confidence of several new investors after paying out up to 30% monthly returns to some victims
- Bassam Za'za', Senior Reporter
- Published: 00:00 April 29, 2008
Dubai/Abu Dhabi: An investor has reportedly swindled Dh400 million from over 2,500 victims by promising high returns for investment, Abu Dhabi police revealed on Monday.
However, brokers, investors and victims told Gulf News on Sunday, the accused, A.A.Q., an Emirati of Syrian origin, swindled Dh7 billion from his more than 10,000 victims.
The 36-year-old suspect conned victims by promising them up to 30 per cent monthly returns on investments, said Lieutenant Colonel Maktoum Ali Al Sharifi, Director of the Abu Dhabi Police Criminal Investigation Department.
A.A.Q. allegedly collected money from the victims convincing them that he would invest it in different businesses.
Lt Col Al Sharifi said, in media statement issued yesterday, the suspect deposited about Dh200 million he swindled from the victims in different banks and kept paying profits to avoid suspicion and gain the trust of other potential investors.
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