3,458 complaints against 'developer'

Dubai: A total of 3,458 complaints have been filed against Emirati businessman Abed Al Boom, owner of Abed Al Boom Management and Development Properties, for reportedly swindling depositors of an estimated Dh847 million.

Chief Public Prosecutor Yousuf Foulaz, Head of First Public Prosecution in Deira, announced this yesterday, and said: "The number of complainants might increase. Until August 20, the Public Prosecution recorded 3,458 complaints from individuals and the total financial claims against Al Boom are around Dh847,266,000. His frozen assets cover about 15 per cent of the total claims."

Foulaz said Al Boom has been given a cell-phone and access to his lawyers to enable him to recover funds that he claimed he has abroad. Investigation started on July 6.

"Al Boom's case gained public and media interest and was surrounded by different rumours ... Our main legal responsibility is to recover the claimants' money. Most of the depositors have a limited income," Foulaz told a media gathering at the Public Prosecution office.

Responding to Gulf News' question whether media reports and rumours had an influence on the Al Boom case, he preferred not to comment and replied: "I will remain optimistic. We aim to recover the claimants' money."

Dubai's Attorney General, Eisam Eisa Al Humaidan, ordered the freezing of transactions of shares owned by Al Boom and his associates and the halting of all business transactions concerning their property, assets and bonds.

"The investigation continues and a committee of financial experts from the Rulers Court is currently examining the case," added Foulaz.

Al Boom's lawyer, Salim Al Sha'ali earlier told Gulf News: "My client didn't have any intention of swindling any of the depositors. He has been trying to return the depositors' money by selling his projects."

Al Boom and eight alleged associates have been charged with swindling and conning dozens of victims by running a bogus investment portfolio.