UAE businessman Al Boom arrested for 'running bogus investment portfolio'

Dubai: Emirati businessman Abid Al Boom, owner of Abid Al Boom Management and Development Properties, was arrested on Monday after being questioned by the public prosecution for alleged charges of running bogus investment portfolio.

Khalifa Deemas, head of Dubai Attorney General Technical Office and Chief Prosecutor, confirmed Al Boom's arrest.

Al Boom's lawyer Salim Al Sha'ali told Gulf News that he has requested bail for his client.