The special incentive allows eligible companies to obtain interest-free loans of a maximum of Dh300,000 with a grace period of 6 to 12 months
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An officer with the Criminal Investigation Department (CID) said that the suspects worked in the apartment, which was converted into an office, from 12 noon to 7pm.
“They equipped the house with meeting rooms, office desks, computer monitors and a wide screen television so that people would think it was a legitimate company. However, they did not have a trade licence,” said the police officer. The police came to know of the scam after they received a complaint from one of the victims, who claimed that he handed over Dh1,500 for investment purposes to the suspects for $400 in returns per month. Once the deposit was made, the suspects refused to attend to his phone calls or talk to him. “We then received more complaints from victims who were also duped. All victims claimed that upon asking for receipts, the suspects refused to leave any paper trail and promised that they could track their investments online,” he said.
A security team was then formed and upon raiding the apartment, the team seized a large quantity of electronic equipment. The home, according to the police, was registered under another man’s name who is currently in India.
During interrogation, the suspects confessed that they used the victims’ money for personal needs. They made quite a lot of money every month, but the police did not reveal the amount.
The special incentive allows eligible companies to obtain interest-free loans of a maximum of Dh300,000 with a grace period of 6 to 12 months
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