By Staff writer
Businessman charged with fraud, says Abu Dhabi Public Prosecution
An Emirati businessman has been jailed for seven days after his $8.45 million (AED31 million) cheque issued for a special edition ‘No1’ licence plate in Abu Dhabi bounced, according to media reports.
The businessman, named only as A.A.M., was charged with fraud after he wrote the cheque without sufficient balance in his account, the Public Prosecution in Abu Dhabi reportedly said in a statement.
He admitted he had insufficient funds when he issued the cheque for the plate number, claiming he was planning to sell the number plate for a higher sum to pay AED31 million from the proceeds, Gulf News said quoting the statement.
According to Emirates Auction’s regulations, asset ownership cannot be transferred to others without paying the full amount and any action taken prior is considered illegal, invalid and criminalised by the law.
Earlier this month, the auction company said it had raised AED99 million ($26.9 million) from the sale of limited number plates.
He really didn't think that trade through properly. Did he really think they'd loan him the number plate for a couple of weeks while he tried to re-sell it. Imagine the sales pitch... "Psst! wanna buy a used #1 number plate for nine million dollars?"
I bet they put him in cell number 1.