91 people charged in $108mn fraud case

A total of 91 people have now been charged in connection with an alleged scam to trick more than 8,000 investors to put their money into a false company, it has been announced.

The Abu Dhabi Court of First Instances will sit on Thursday to hear the case against the chief defendant AA Qublan on fraud and forgery charges.

The Judiciary Department has called on the victims to file cases against Qabalan not later than September 11.

It was reported on Wednesday by news agency WAM that the number of defendants in the case had risen to 91 after 16 more - reportedly brokers who dealt with Qabalan - had been added.

Qabalan and his four aides allegedly amassed over AED 260 million from the depositors on the promise of huge returns on their investments.

To date, an investigation committee comprised of the Central Bank, the Abu Dhabi Judicial Department and the Abu Dhabi Police have managed to recover $70 million of the money taken under fraudulent terms from investors.

All assets of Qublan and three other main defendants have been seized, including 33 cars which will be auctioned off in a matter of days.

Qublan is alleged to have defrauded thousands of residents and nationals in the UAE of an amount reported to be $108 million.

He is alleged to have written more than 5,000 fraudulent cheques to investors as a financial guarantee that their investment was secure.

MORE FROM ARABIANBUSINESS.COM