Twenty-Year-Old Charged for Defrauding Citizens with "Money Doubling" Scam

TDT | Manama

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A 20-year-old man has been arrested and charged with defrauding four individuals by promising them unrealistic returns on their investments through online trading platforms. The suspect, who claimed to be able to double their money, lured the victims with a fabricated account statement showing a substantial sum of money. After receiving their funds, he failed to deliver any profits and refused to return their initial investments.

The Security Directorate received multiple complaints against the suspect, prompting an investigation.  The investigation revealed that the suspect had deceived several individuals, promising them lucrative returns on their investments through online trading, but ultimately absconding with their money.

One victim, a man in his 20s, met the suspect at a cafe in February 2024. The suspect, claiming to be a successful trader, presented a fake account statement showing a balance of 40,000 Bahraini finars.  He offered to help the victim increase his income through trading. The victim, believing the suspect's claims, initially sent him 200 Bahraini dinars. The suspect later contacted the victim, claiming to have generated a 40% profit.  The victim continued to send money to the suspect, eventually reaching a total of 25,000 Bahraini dinars. However, when the victim requested his money back, the suspect began to evade his requests and refused to return the funds.

Another victim, a woman, was approached by the suspect who promised to double her money through online trading.  She sent him a total of 2,450 Bahraini dinars, but when she asked for her money back, the suspect ignored her.

A third victim, a woman who met the suspect through a mutual acquaintance, was convinced by him that he could invest her money in various profitable ventures.  She entrusted him with 3,000 Bahraini dinars, but never received any profits or a refund.

A fourth victim, a man, corroborated the testimonies of the other victims, stating that he had given the suspect 850 Bahraini dinars for investment purposes.

During interrogation, the suspect confessed to receiving a total of 65,000 Bahraini dinars from the four victims and others, claiming that he had invested the funds in online trading. However, he admitted to losing all the money due to unsuccessful trades. He also acknowledged that he did not have a license from the Central Bank of Bahrain to operate as an investment advisor.

The Public Prosecution has charged the suspect with receiving money from the victims with the intention of investing it without obtaining a license from the Central Bank of Bahrain or other relevant authorities.