09 June 2008

Abu Dhabi court sentences swindler to one year in jail

The Abu Dhabi Court of First Instance sentenced a money swindler to one year jail in addition to a fine of Dh50, 000.

The swindler, identified as M.F.M.B, was found guilty of running an unlicensed “financial investment” service, a project which enabled him to collect money from UAE nationals and expatriates. He regularly paid profits of up to 70 per cent to gain confidence of his victims and lure more investors.

Banned from any commercial activities for two years, the swindler will be deported from the UAE after serving his jail term.

An official source at the office of the General Prosecutor’s Chamber has warned against such bogus financial investment companies: “We hope the general public would not be gullible to believe in such schemes.”
He said such activities will be met with the full force of the law.

/Gulf News/

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