Appeals Court to rule on BD65,000 fraud

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Email: mail@newsobahrain.com

The High Appeals Court has scheduled a hearing for December 30th to rule on an appeal by a young man convicted of fraud. He was initially sentenced to three years imprisonment for collecting over BD65,000 from multiple individuals without the necessary licenses from the Central Bank or other relevant authorities.

His scheme unraveled after he lost the funds in forex and cryptocurrency trading.

The court has ordered the confiscation of the proceeds of the crime.

The Public Prosecution charged the defendant with 25 counts of receiving money from four individuals and others between 2023 and 2024, for the purpose of investment, without the required license from the Central Bank of Bahrain or other competent authorities.

The case came to light after a complaint from one of the victims.

The victim, who met the defendant at a café last February, was promised increased income through investment opportunities. He initially invested BD200 and, after receiving a purported 40% return, invested a further BD45,000 over time.

However, the defendant subsequently delayed returning the funds or paying profits, prompting further complaints. Other victims reported losses of BD2,450, BD3,000, and BD850, respectively.

Investigations confirmed the defendant received funds without the necessary licenses. He confessed to receiving a total of BD 65,000 from the victims for investment in trading.