$100m Saudi conman's assets frozen

Saudi authorities have frozen the assets of a Saudi man believed to have fled to Dubai after he was accused of swindling $107m from 6000 Gulf victims
$100m Saudi conman's assets frozen
By Courtney Trenwith
Tue 17 Feb 2015 12:21 PM

The assets of a Saudi man accused of swindling SAR400 million ($107 million) from thousands of people across the GCC have been frozen, a source from the Riyadh Chamber of Commerce and Industry has reportedly said.

Six thousand people claim they were conned into giving their savings to the man, who is believed to have fled to Dubai, to be invested into various projects in Riyadh, Madinah, and Makkah.

They even signed contracts stating they would receive SAR4000 in monthly profits over three years.

“The conman sourced the group of investors and whenever anyone wanted to join them he would have them pay SAR75,000 as an investment in tank manufacturing when it really costs SAR50,000,” Hamad Al Subaie, who represents some of the investors, told Saudi Gazette.

“The contract they signed ensured them with profit. When they did not receive any profit they realised they had been robbed.”

A Makkah police officer had told Arabic daily Al Hayat there were 260 victims.

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