By Staff writer
Attorney General Ali Mohammed Abdullah Al Balushi says he has ordered referral of 54 suspects to criminal court
Ali Mohammed Abdullah Al Balushi, Attorney-General of Abu Dhabi, has ordered the referral of 54 suspects in an investment fund fraud case related to the sale of cars worth AED52 million ($14.1 million) to the criminal court.
The suspects will face charges of fraud, money laundering and practising an economic activity while unlicensed, state news agency WAM reported on Wednesday.
Al Balushi said this was the first case of investment fund fraud in Abu Dhabi since 2012, adding that this was a clear indication that authorities have been successful in fighting this type of crime.
The Attorney General said that the number of complaints against the four funds have so far reached 1,909, with the total deposits being AED800 million.
The value of the financial claims, including the deposited amount, was AED310 million. The amount seized from the suspects was AED160 million, in addition to the 395 cars, the trial for which is pending.
It is expected that the value of the seized cars will reach more than AED52 million, WAM added.
The investigation showed that one car was sold per day, and was re-purchased by dealership owners several times. Suspects took possession of the depositors’ money, with which they bought expensive cars and special car licence plates. They also bought real estate and stocks, and one of them bought camels valued at AED10 million, WAM said.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.