Police are on the hunt for a Saudi man who swindled 260 investors out of SAR400 million ($100 million).
The man defrauded Madinah citizens who invested money in a bogus company he set up on the internet, Arab News reported.
Some of the investors told reporters that the man claimed to be working in financial investments.
He would show a certificate of commercial registration to potential clients to prove the legality of his activity. Investors said they then paid shares into his company via brokers who received their commissions, but were later unable to contact him.
The man has reportedly fled to Dubai with the money, the report said. A manhunt is under way and a request for his arrest has been made to international security agency Interpol, Arab News reports. Once arrested, the man will be extradited to the kingdom to stand trial.
The news comes just one week after a car dealer in Madinah was charged with conning citizens out of more than SAR50 million.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.