By Neeraj Gangal
Property tycoon was convicted in Feb on 3,689 counts of fraud and sentenced to 923 years in jail
The Appellate Court of Misdemeanours in Dubai granted bail to Emirati real estate tycoon Abed Ramadan Al Boom on Monday.
In February this year, Al Boom had been sentenced to more than 923 years in jail after a special tribunal hearing in Dubai convicted him of 3,689 counts of fraud.
The CEO of Al Boom Holdings was charged with swindling AED960m from 3,706 investors, and received a three-month term for each of the counts of fraud.
Despite his release, Al Boom’s appeal in the court will continue.
According to The National, the businessman was granted bail after several guarantees were provided.
These included seizure of the passports of Al Boom, his wife, his adult sons and five Emiratis who would pay AED500,000 ($136,132) if he missed a hearing without an eligible excuse.
Al Boom could serve 10 years in jail - the maximum under UAE Penal Code No 3 of 1987 - when combined sentences add up to a minimum of 20 years.
According to prosecutors, Al Boom spent the money on a series of parties, boats, cars and customised number plates.
The court has deferred the case until November 17 to enable the defence lawyers to examine the decision issued by the judicial committee regarding the liquidation of Al Boom’s assets.
The committee was formed by a decree issued by Dubai's ruler HH Sheikh Mohammed Bin Rashid Al Maktoum.