Four arrested in Al Ain investment scam; firm's owner still at large

AL AIN - The Al Ain Police recently arrested four persons for allegedly duping a number of investors with fake investment projects in real estate sector and electricity cable business.

By Lana Mahdi (Our staff reporter)

Published: Mon 14 Jul 2008, 1:23 AM

Last updated: Sun 5 Apr 2015, 6:11 PM

The four are the manager, his brother and two employees of a well-known group of companies here. The police have not been able to arrest the owner of the group, a UAE businessman, a source in the police said.

More than 80 investors here had lodged separate complaints with the Al Ain Police on July 1 against the group's owner and the management. The complaints said the company cheated them of their money by promising that every investor would receive six per cent monthly profits on their capital.

"When the investors went to the bank to withdraw their monthly earnings, the cheques issued by the company bounced," said a police source.

When they rushed to the group's office premises, they were surprised to find the offices closed and the mobile phone of the company's owner switched off.

The police referred the case to the Al Ain Public Prosecution and the investigations so far have shown that the group owners have purchased construction and building equipment through post-dated cheques.

"Investigations have also revealed that the company has no money in its bank account," added the source.

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