Signed by Athletes, Sold by Fraudsters: High Appeals Court Upholds Verdict Against Sports Memorabilia Fraud Gang

TDT | Manama
Email : editor@newsofbahrain.com

The High Appeals Court has upheld the prison sentences of a three-member gang convicted of defrauding Bahraini investors out of BD3 million through the sale of signed sports memorabilia from high-profile athletes such as Cristiano Ronaldo, Lionel Messi, and Zinedine Zidane.

However, The Daily Tribune has learned that only the alleged mastermind, a British man, is in custody; his two accomplices, a man and a woman, remain fugitives. Both of them are also expats.

The mastermind was previously sentenced to eight years in prison along with a BD100,000 fine. The woman received one year in prison and a BD5,000 fine, while the third accused was sentenced to five years in prison and a BD100,000 fine.

Money Laundering

The case revolves around a sophisticated money laundering operation connected to the sale of signed sports memorabilia. The Public Prosecution’s investigation revealed that the main suspect, who has a criminal history abroad, entered Bahrain under a fake identity in 2022. He established a company claiming to deal in sports keepsakes and souvenirs, attracting investors without proper licensing.

His modus operandi involved paying early investors with funds from newer backers and writing bad cheques to mislead both investors and officials. Investigators discovered that his two accomplices played active roles in the scheme, helping to set up the business, forge documents, and organize unlicensed fundraising to attract more money.

Dodgy Dealings

Authorities tracked over BD1.8 million laundered through personal and company accounts, uncovering the steps taken to disguise the money's origins. A report from the Financial Intelligence National Centre revealed the scale of the fraud, showing how the fraudster used famous athletes' names to lure investors while concealing his illegal activities with fake invoices and records.

His accomplices aided in falsifying accounts and moving funds to avoid detection.

Court Ruling

Alongside the prison sentences, the court ordered the seizure of over BD1.8 million in ill-gotten gains and ruled that the fraudsters would be deported once they complete their sentences.