UAE | Crime
Unscrupulous investor arrested in Abu Dhabi
Accused conned thousands of investors promising massive returns every month.
- By Bassam Za'za', Senior Reporter
- Published: 14:54 April 27, 2008
Dubai: A suspect who reportedly hoodwinked thousands of investors and swindled nearly Dh7 billion from them is currently being questioned by Abu Dhabi police.
An Abu Dhabi Judiciary Department official cautioned the public against investing their money with bogus investors following the arrest of the Emirati suspect, A.A.Q of Syrian origin.
An official said law enforcement officers monitored the suspect's movements and traced all his fraudulent transactions prior to his arrest.
A number of his assistants were also arrested.
A 31-year-old Emirati victim told Gulf News on Sunday: "I invested Dh400,000 with the suspect through a broker who convinced me that my investment will render a 30-40 per cent guaranteed profit per month... the suspect paid me 30 per cent profit for the months of February and March before his arrest."
Sources close to the investigation claimed that more than 10,000 individuals have been conned by the suspect. "The interrogation continues. The public shouldn't invest their money with people who are unlicensed to run funds companies," warned the official.
A Ras Al Khaimah resident told Gulf News he sold his house for Dh2 million, bought a 1994 car and a small flat to live with his family and invested the balance [about Dh1.5 million] with the suspect.
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