From Ponzi schemes and ‘419’ frauds, to duff Italian suits and ‘bulletproof’ powers, the Middle East is no stranger to the (often bizarre) arts of the conman.
February 27, 2010 11:03 by kippreport
One of the largest Ponzi-style frauds in the UAE was the recent case involving 8,000 investors who were cheated out of AED400 million ($108.9m).
In what was dubbed the ‘non-existent wallet’ case, a man identified as ‘AA Qublan’ was sentenced to three years in prison for fraud and forgery, with 94 associates also receiving prison sentences.
The group was said to have issued thousands of post-dated cheques as a guarantee to investors, according to a report by The National. They promised monthly profits of 30 to 40 per cent on their initial investments. Some of the victims were paid for their first month in order to encourage them to invest further, but many received no money at all.
AA Qublan was ordered to pay a total penalty of AED150,000 while the other defendants received fines of AED50,000 each, according to government news agency WAM.
UAE and Azerbaijan discuss economic, trade ties
Emaar Properties Q1 net profit soars 17 per cent
Petrol to cost nearly 10 per cent more in May across the UAE
Genel courts Turkey with Kurdish gas to reduce reliance on Russia
Apple sales fall 13 per cent in first quarterly revenue decline in 13 years