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Abu Dhabi: Thousands of people who bought into a bogus multi-million dirham investment portfolio run by A.A. Qabalan will be invited after Eid Al Fitr holidays to share proceeds from the fraudulent fund, police said on Monday.
"Investors will be received in the police stations where they filed their complaints. They will be given their shares, provided they sign an affidavit, the police said in a statement.
The properties of Qabalan, an Emirati of Syrian origin, who duped thousands of investors, will be up for auction, the Abu Dhabi Court of First Instance has ruled. "The proceeds of all assets and properties of Qabalan and his family will be deposited in a special account to settle debts of the investors," the court stated in its ruling.
The Abu Dhabi public prosecutor has ordered that the assets of the defendant, his family members and his companies, besides at least 70 other middlemen, be tracked down and frozen.
An Abu Dhabi Judiciary Department official cautioned the public against investing with purported savings funds offering phenomenal returns and said only funds managed by banks or investment firms were licensed.
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