Al Boom depositors’ claims top Dh800m

DUBAI - More than 3,000 complaints have been filed against Emirati businessman Abed Al Boom, partner and chairman of the board of Al Boom Holdings, it was confirmed by the Dubai Public Prosecution onWednesday.

By Mary Nammour

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Published: Fri 29 Aug 2008, 1:40 AM

Last updated: Sun 5 Apr 2015, 5:11 PM

Until August 20, some 3,458 complaints had been registered against the businessman at the Muraqqabat police station in Deira.

Youssef Foulaz, Chief Prosecutor for First Deira District, said the financial claims against Al Boom had already crossed Dh800 million.

Addressing a Press conference here, Foulaz said the Public Prosecution had referred the fraud case involving Al Boom to the Department of Expertise and Dispute Settlement at the Dubai Ruler’s Court. “A committee will carry out a comprehensive audit of the commercial activities of Al Boom Holdings to verify the transactions of the businessman,” he said, while declining to state when the audit report would be ready.

Foulaz also noted that the UAE businessman was being provided with all facilities so he could procure the money he owed to people. “He asked for his mobile phone that we had seized and we gave it to him. He said he wanted to contact his three lawyers and we fulfilled his wish. Since the beginning of the investigations about two months ago, Al Boom has been promising us to obtain the investments of the people saying he has invested abroad, but that has not happened so far. We want the investors to get their money back,” Foulaz pointed out.

“Six suspects are being interrogated in the case, including Abed Al Boom and his brother Khaled, a UAE national, a Malawi national and an Egyptian. Three Somali women who worked on the customer service counters of the company, were held too but they were released on bail.

Foulaz said anyone who wishes to file a complaint against Al Boom should come with a bill or receipt, a contract, a cheque, or any other paper proving they have invested money with the investment portfolio run by Al Boom.

The Chief Prosecutor said all the banking accounts of Al Boom’s companies had been frozen and his properties confiscated since the investigations were launched.

The Muraqqabat police station is receiving tens of calls daily from depositors, who are mainly low-income residents.

Al Boom Holdings was established a couple of years ago doing business in various sectors, including real estate, tourism and hospitality.

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