Investment scam: Suspect cons people out of BD1 million

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Public Prosecution has opened an investigation into the case of a person accused of defrauding BD1 million from people in a bogus investment scam. The Head of the Financial Crimes and Money Laundering Prosecution said the person cheated more than 30 people by operating illegally in the Kingdom. Police found that the suspect did not have any license to engage in investment activities in the kingdom.

Authorities started investigating the matter based on a report from the Financial Investigation Department.

The suspect claimed that his company would make investment decision on behalf of clients. Instead, the suspect used the money to make deposits and remittance abroad. Following an investigation, the Public Prosecution ordered to disclose and seize the accounts of the person and properties owned, including the company he used for committing the crime.

Investigators found that the suspect also led to the death of some of the victims. He had seized more than 500 thousand dinars from a client. An arrest warrant was issued based on the evidence.

Upon interrogation, the suspect confessed to his crimes and admitted taking money from the victims without obtaining a license. The suspect is in preventive detention pending trial.

The Chief Prosecutor said that they are continuing to hear the victims and is tracking the funds hidden here and abroad. Authorities have requested international legal aid to recover the funds.