|
Abu Dhabi: Deposits of 700 out of 5,000 investors in a fraudulent savings fund, were documented by the police in preparation for a pro rata deal to get back their money, police said on Wednesday.
Thousands of investors, who lost their life savings in a bogus multi-million dirham investment portfolio run by A.A. Qabalan, have been called for sharing out proceeds from the fraudulent fund.
Over 5,000 depositors have fallen victims to the investment fraud, according to a statement issued yesterday.
Investors are being received in the police stations they filed their complaints with. They will be given their shares, provided that they sign an affidavit that they agree to this pro rata deal.
A committee, made up of representatives from the UAE Central Bank, Abu Dhabi Judiciary and Abu Dhabi Police, has entrusted the Police to summon all shareholders in order to sign a statement showing their consent to the pro rata deal to get back their deposits. Acting upon the outcome of a meeting held by the joint committee, the Police called in the depositors to seal that declaration immediately after the Eid Al Fitr holidays.
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.
Abu Dhabi public prosecutor has ordered the tracking and freezing of all the defendant's assets, as well as the members of his family and companies he owned and 118 other middlemen. The defendant was accused of receiving funds from the public in exchange for a monthly return of up to 40 per cent, in violation of the prevailing laws by exceeding the scope of his licence.
The court recently sentenced another Arab involved in these illegal financial activities.
|
