Multi-billion dirham investment scam affects 3,700 customers

As part of Abu Dhabi's first investment fund fraud case, 54 suspects have been arrested for allegedly misappropriating funds from approximately 3,700 individuals of an estimated $354 million through fraud and money laundering schemes. Almost 2,000 victims have put forward financial claims of up to approximately $84 million. The suspect's schemes involved purchasing second-hand cars using post-dated cheques and selling them on to customers without delivering the vehicles. It is alleged the suspects then used the money made to pay investors whose cheques were due. Prosecutors have seized approximately $43.5million of funds and 395 vehicles and will sell on the vehicles in order to fund their case.

Computer programmer jailed

A computer programmer, who was tasked with creating a programme to transfer a client's money, transferred the money to bogus accounts before moving the funds to his own. The programmer has received his sentence from the Dubai Criminal Court of fines and three years' imprisonment, after which he will be deported. The programmer appealed, seeking to challenge the ruling and argued he was tasked with finishing the programme and had no access to funds. The Court has upheld the sentence, while prosecutors revealed that the client had enlisted IT expersts who assissted in revealing the fraud.

$5 million stolen from company owner in fraud scheme

A business man has been tried for allegedly defrauding a company owner. The individual used fake police offers and forged documents to stage and convince the company owner that his money had been seized and that he needed to pay 'administrative fees' to recover it. The accused faces charges of fraud, embezzlement, forgery, breach of trust, and criminal charges for impersonating police officers.