A British businessman who defrauded an investor out of more than 12 million Saudi riyals (Dh11.75m) will spend three years in jail.
Dubai Court of Misdemeanours was told that in 2015, the 49-year-old defendant and a Bahraini man convinced the Saudi Arabian victim to invest his money in a fake investment group they ran from Dubai.
Prosecutors told the court that the defendant introduced himself to the victim as the owner and manager of the investment group which he alleged included five companies — including one in Business Bay and another in Dubai Multi Commodities Centre Authority.
The men presented him with forged documents as proof that their companies were legitimate and provided him with bank statements and a client list.
“They showed him names of very important investors and traders and claimed that they were among their many clients,” prosecutors said.
The pair claimed they invested money in public trading, pharmaceutical researches and medical equipment.
The Saudi Arabian man said he transferred SAR12,696,990 to a UK law firm that he was told reviewed all investment procedures.
A consultancy and accounting report submitted to court by the victim revealed that the British defendant used the money he fraudulently obtained from investors to purchase a villa in Dubai and a number of cars. He then closed down his offices in DMCC — the main company through which the victim invested his money.
The Saudi Arabian man reported the defendant to police who attempted to contact the Briton but he had already fled the country.
The Bahraini man was also found to be out of the country but is now serving a prison term in his home country for defrauding a number of his compatriots out of large sums of money.
In court on Monday, the Briton was sentenced in absentia to three years in jail.
