Opinion | Editorials
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.
More from Editorials
More from Opinions
Opinion Editor's choice
-
Egyptians must reject foreign meddling
By Tariq Ramadan, Special to Gulf News
Presidential election may turn out to be less a new chapter in a democratic future than an old chapter complete with a stage-managed outcome
-
Moderates may gift Egypt to Islamists
By Linda S. Heard, Special to Gulf News
Liberals cannot afford to sit at home or in cafes watching queues lengthen outside polling stations. They must quit complaining and vote with their feet
-
Is Al Maliki serious about democracy and more words?
By Mohammad Akef Jamal, Special to Gulf News
He is pushing towards a military showdown with the Kurds at a time when they are stronger than ever before
Your turn
