Dubai tycoon steals for cars, yachts, and parties

Dubai tycoon steals for cars, yachts, and parties

Prosecutors say some investors are in jail after property tycoon pockets AED 900 million.

June 7, 2010 3:35 by Samuel Potter

A Dubai Property Tycoon accused of stealing almost AED 1 billion spent the money on cars, yachts and parties, reports Zawya.com.

Abid Al Boom took cash from his investors so that he could live the high life, according to the story. The report says that back in 2004, the owner of Abid Al Boom Management and Development Properties was struggling, and drove a car worth just AED 30,000.

Three years later, prosecutors say he was living a jet-set lifestyle with 53 high-end cars, a yacht and two boats “on which he would throw parties for his friends and hold business meetings,” says Zawya.

The details of his behavior emerged at Dubai Misdemeanors Court, where he is standing trial for “betrayal of trust” of 3,700 investors. He is accused of stealing up to AED 900 million. He said he would invest the cash in property, and offered a guaranteed return.

Prosecutors say some of his investors borrowed money to give to him, and are now in jail, having failed to repay loans.