Investors duped, verdict on April 17

The Misdemeanours Court in Abu Dhabi has set April 17 as a date for issuing judgement in a case in which European suspects have been charged with embezzlement and fraud. They cheated a group of UAE investors by promoting a fake project. The suspects claimed that they had a company that sold plots of land in the United Kingdom to investors in the UAE. They offered plots of land for sale without obtaining a licence.  They circulated fake ads through the media for a year promoting freehold lands in north London, UK at low prices ranging between Dhs30,000-60,000. Funds The investigations by the Abu Dhabi General Prosecution for Public Funds showed that the company did not have any licence for real estate business in the Emirate of Abu Dhabi. The suspects were able to swindle and cheat about 40 investors and embezzled  over Dhs3 million. The police confiscated a sum of Dhs100,000 found at the company’s headquarters and the residence of one of the suspects and Dhs250,000 deposited in the account of the company at a bank. The CID in co-ordination with Interpol arrested the rest of the suspects.