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Abu Dhabi: A man who hoodwinked scores of investors will spend one year behind bars followed by deportation, a court has ruled.
The Abu Dhabi Court of First Instance has also ordered a ban on any business activity by the Arab investor, M.F.M.B, as well as a fine of Dh50,000.
He was found guilty of managing a savings scheme, collecting savings from Emiratis and expatriates and offering profits of up to 70 per cent without a licence, according to an Abu Dhabi Judiciary Department official.
The official cautioned the public against investing their money with bogus investors and said these savings funds are illegal and only funds managed by banks or investment firms are licensed.
"These illegal businesses are playing a confidence trick by offering their depositors monthly profits of up to 30 per cent to gain their confidence and attract more customers before the money disappear into thin air," the source said.
The source stressed that the full force of the law will be used against these bogus investors "as the crime endangers security, as well as social and economic aspects of the community."
The source urged investors to exercise due diligence and deposit their money in registered investment schemes only.
The verdict is still subject to appeal.
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