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Wed 23 Jul 2008 06:39 AM

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Gang arrested over $5mn website swindle

Police in Al Ain discover 140 people who were caught out by internet criminals.

A gang was arrested for swindling 140 people of nearly $5 million by running a bogus investment portfolio in Abu Dhabi.

Major General Mohammad Bin Al Awadi Al Minhali, Deputy Director of the Abu Dhabi Police Operations, said it the third crime of its kind in two weeks and the gang set up a website and promised victims a five percent monthly profit.

Al Ain police criminal investigation department discovered the gang of five was carrying out unregistered activities, and had no central bank licenses.

The director of the bogus portfolio confessed to spending the received funds during police interrogation, government news agency WAM reported.

Arabian Business: why we're going behind a paywall

kaptain 12 years ago

Seeing the trend on Arabian Business here, the crime reporting has increased. Vices like inflation do play a role in encouraging 'other' means of income, either legal or illegal. The inflation at the root should be addressed not the twigs in crime.

Naz Hussain 12 years ago

Yeah, that's right. These high-level criminals did this because the cost of milk rose 30% in a week. Do you work for an intelligence agency?