Emirati businessman's property and funds seized

Dubai: The Public Prosecution has issued an arrest warrant against Emirati businessman Abid Al Boom, owner of Abid Al Boom Management and Development Properties, and seized his property and funds.

"We issued the arrest warrant and the procedures which follow are in the hands of Dubai Police who will enforce the law... Abid Al Boom is not in custody yet. It's either that the police arrest him or he turns himself in," Essam Eisa Al Humaidan, Dubai's Attorney General told Gulf News yesterday.

Rights of depositors

"We issued an arrest warrant against Al Boom and seven of his alleged associates... we also ordered the freezing of share transactions owned by the eight suspects and the halting of all kinds of business transactions concerning their property, assets and bonds to preserve and ensure the rights of depositors," Al Humaidan said in a media statement issued on Wednesday afternoon.

Meanwhile, Al Boom's lawyer Salim Al Sha'ali, of Salim Al Sha'ali and Co Advocates and Legal Consultants, dismissed the accusations and told Gulf News: "My client didn't have any intention of swindling any of the depositors nor conning them out of their money... he has been trying, although his property and funds have been frozen, to return the depositors' money through selling his projects. This will cause him a huge loss which we will try to recover after we lodge a civil compensation claim against the Dubai Economic Department, Dubai Police and the accounting department of the Ruler's Court." (the parties which constituted the committee which looked into the Al Boom's case).

Many claimants alleged earlier that the suspects conned them out of money.

Al Humaidan said: "This scam case has gained the interest of the public and was juicy material in the local media recently. The Public Prosecution acts, in any case, according to the available evidence that results from investigations and searches. We have notified the federal and local public prosecutions to freeze the suspects' assets and funds. All individuals who invested money in Al Boom's investment portfolio should report to Al Muragabat police station and give their statements." Al Sha'ali added: "We estimate that our client incurred more than Dh1 billion in financial damages that were reportedly caused by the investigating committee which included Dubai Economic Department, Dubai Police, and the accounting department of the Ruler's Court and the Central Bank, along with a local newspaper. We are seeking to have a court-assigned expert to estimate Al Boom's real damages that were caused by the above mentioned parties and who incited public opinion and froze our client's assets for eight months and halted his local and international projects. We are confident that our stance is legal. We will seek permission through the concerned authorities to lodge a civil lawsuit against the committee members today."

Gulf News learnt that an African suspect who is reportedly linked to the case has been arrested.