European Conman Jailed for 8 Years After Scamming Investors Out of 3.37 Million Dinars

TDT | Manama

Email: mail@newsofbahrain.com

A European con artist has been sentenced to eight years in prison after cheating investors out of more than three million dinars with bogus autographs of football stars Cristiano Ronaldo and Lionel Messi. The High Criminal Court heard that the man, operating under a false name, led the Ponzi scheme through an unlicensed firm, enticing backers with promises of exclusive sports mementoes.

The Public Prosecution’s inquiry revealed that the main culprit, who has a criminal past abroad, slipped into Bahrain under a fake identity in 2022. He set up a company that claimed to deal in keepsakes and souvenirs, drawing in investors without proper licensing. His modus operandi involved paying early investors with funds from newer backers; he went to great lengths to cover his tracks, faking records, meddling with electronic logs, and writing bad cheques to mislead both investors and officials.

Investigators uncovered that his three accomplices played active roles in the scheme, helping set up the business, forging documents, and organising unlicensed fundraising to attract more cash. Authorities tracked over 1.8 million dinars laundered through personal and company accounts, exposing the steps he took to disguise the money’s origins.

A report from the Financial Intelligence National Centre laid bare the full scale of the fraud, showing how the fraudster used famous athletes’ names to lure in investors while hiding his dodgy dealings with fake bills and records. His accomplices aided in falsifying accounts and moving funds to dodge scrutiny.

Alongside the prison sentences, the court ordered the seizure of over 1.8 million dinars in ill-gotten gains and ruled that the fraudsters be deported once they complete their sentences.