The pair, an Indian and a Briton, posted adverts claiming their company was selling freehold plots of land in North London.
Two jailed for UAE property scam
ABU DHABI // Two men who conned 40 investors out of nearly Dh3 million in a property scam have been sentenced to one year in prison each.
The Misdemeanours Court ordered the confiscation of funds belonging to the two men and their company, ruling that these should be used to compensate the investors.
Authorities have seized about Dh100,000 in cash from the company's office and Dh250,000 deposited in the company's bank account.
The pair, an Indian and a Briton, posted adverts claiming their company was selling freehold plots of land in North London for prices ranging between Dh30,000 to Dh60,000.
Through these adverts, they were able to trick 40 people in the UAE to invest. While the plots of land were real, the contracts investors signed had no legal force as they were not recognised by the UK land registry.
Two other employees at the company, a Swedish woman and a British man, were cleared of involvement, as the court ruled they had no knowledge of the scam.
Both men will be deported after serving their jail sentences.