Dubai: A Canadian-Egyptian man has been arrested on suspicion of involvement in fraud over a cheque worth Dh40 million, said a police official.
On March 21, the victim said that he lost Dh40 million after entering into a trade deal with the suspect, said Major Saeed Al Sa'adi, Deputy Director of the Wanted Persons Department at Dubai Police.
Upon carrying out investigations, it was found that the Dubai resident was continuously changing his home and also using both his Egyptian and Canadian passports in his dealings. The suspect, 52, identified as A.R.S.Y, is said to have owned a private company in the Dubai Free Zone and frequently changed his residence, allegedly to make it difficult for people to track him down.
"Certain people identified him as a Canadian while others identified him as an Egyptian. Both his passports were correct," said Maj Al Sa'adi.
The alleged deal with the victim took place at Al Bustan Centre, Deira. Following the meeting the suspect disappeared but he was later arrested at Dubai Marina.
