Man arrested after Dh31 million cheque for No 1 licence plate bounces
ABU DHABI // An Emirati who paid Dh31 million at auction for the No 1 licence plate has been jailed for seven days after a cheque he wrote to pay for the special edition plate bounced.
The 32-year-old bought the plate earlier this month at an event at Emirates Palace hotel organised by Emirates Auction in cooperation with Abu Dhabi Police.
He has been remanded in custody for seven days pending investigation by the public funds prosecution which charged him with fraud and knowingly writing a bad cheque.
The man confessed under interrogation that he knew he did not have the sufficient funds, but he was planning to sell the plate at a profit to cover the amount.
The prosecution said he deliberately defrauded the Emirates Auction house.
Updated: November 29, 2016 04:00 AM