Police in Saudi Arabia have arrested a man in his 30s for allegedly conning 15 people out of SAR45m (US$12m), it was reported.
The unnamed son of a former senior government official was arrested on Monday and charged with writing 200 fraudulent cheques, according to Saudi Gazette.
Spokesman for Makkah Police, Lt Col Abdul Mohsin Al-Maiman, said the man made his victims believe he was an exclusive agent for a renowned global smart phone company and claimed he could procure the latest smartphones for low prices to sell to customers before distributing profits to shareholders.
Targets who trusted him handed over their money to invest and in return were given bad cheques, added Al-Maiman.
The man also allegedly told some of his victims that he could get hold of new cars for 60 percent less than their retail price, and that if they wanted such cars they should pay him the cost in advance and wait for three months to receive the vehicles.
It is claimed he used his father’s office in Makkah’s Al-Awali neighbourhood to meet potential targets and write the cheques, which were to be withdrawn from four local banks.
Al-Maiman added the man was arrested 48 hours later in the central province of Qassim after being reported to Makkah police who sent his information to all police stations in the kingdom. The fraudulent cheques were written almost a year ago.
The detainee has been referred to the Makkah Bureau of Investigation and Prosecution.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.