x Abu Dhabi, UAEWednesday 26 July 2017

Father and son jailed over Dh100m fraud

The Emiratis claimed they would invest the money in property and pay 30 per cent of the profits, but they made no such investments.

ABU DHABI // A father and son have been jailed for conning property investors out of more than Dh100 million.

The Emiratis claimed they would invest the money in property and pay 30 per cent of the profits, but they made no such investments.

"At first they would pay people imaginary profits to show them their money is being invested," said the chief prosecutor of funds cases, Hassan Al Hammadi.

When the property market was savaged by the global downturn, the investors stopped receiving money.

"More than 100 victims complained," Mr Al Hammadi said.

The Abu Dhabi Court of Misdemeanours sentenced the pair to three years each for the scam and three months for running the investment business, called Amwal, without a licence.

The case has been referred to the civil court to rule on compensation for the victims.

hdajani@thenational.ae