Dubai: Investors fined over Dh360,000, sentenced to prison for defrauding man

One of the two accused offered his assistance to the victim in obtaining loans from local banks


Afkar Ali Ahmed

Published: Sun 5 Feb 2023, 9:52 AM

Last updated: Sun 5 Feb 2023, 3:35 PM

An Asian investor and another person of the same nationality have been sentenced to two months in prison in absentia. They have also been jointly fined $100,000 (Dh367,310).

They were convicted for defrauding an African investor and deceiving him by telling him they could receive loans from banks in exchange of a Dh500,000 commission.

A South African investor had reported that he had been defrauded by two Asians, one of whom offered his assistance in obtaining loans from local banks with the guarantee of another.

The victim added that he met the second defendant who showed him documents establishing that they have helped several investors in Dubai to create and expand their business. He added that the accused also spoke of having acquaintances and friends in senior positions at local banks.

According to the case file, the investor submitted the documents and conversations between the defendants and himself. He also submitted bank statements proving that he transferred $100,000 to the first accused's wife.


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