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Address the 'get rich quick' scandal
The uncovering of yet another fraudulent savings fund highlights once again the urgent need to address what seems to be a recurrent phenomenon.
- Gulf News
- Published: 23:35 September 25, 2008
The uncovering of yet another fraudulent savings fund highlights once again the urgent need to address what seems to be a recurrent phenomenon.
Abu Dhabi Police stated that a bogus multi-million dirham investment scam has managed to dupe more than 1,300 investors of Dh320 million.
This is not the first case, but one in a series that has been unveiled by the authorities over the past few months. The very fact that these cases keep recurring brings into question the financial as much as the legal aspects of these funds.
How are individuals without proper credentials or official approvals able to carry out their dealings without being noticed? And how can so many individuals be dragged into being part of it?
There seem to be a serious shortcomings both on the investor and the regulatory levels. This needs to be addressed as such frauds affect the overall market and public confidence.
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