Bahraini man convicted of investment fraud

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

A Bahraini man was sentenced to five years in prison for conning a high-ranking GCC personality out of BD3 million after convincing him that he would invest the money for him in properties.

The High Criminal Court found the accused, in his 40s, did not have the required licenses from the Central Bank of Bahrain and he was already held guilty in similar cases before.

It also fined him BD100,000 and ordered him to pay BD3 million to the victim.

According to court files, the victim’s lawyer reported to the Anti-Economic Crime Department that the defendant was working in one of the international banks and he owned several construction companies, which were all deleted by the Ministry of Commerce, Industry and Tourism several years ago.

“He offered to my client the chance to invest in the real estate.

He introduced him to several people, stating that they were his partners in investment. As a result, my client made six transfer transactions at a total amount of BD3 million,” the lawyer said, revealing that the two started making transactions in 2011. “He gave him some of the profits reaching BD85,000 until he stopped transferring any money.” The defendant was reportedly convicted in money laundering cases. He allegedly conned several other people.