Duo gets 3-year jail for embezzling Dh12m from GCC investor in Dubai

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Duo gets 3-year jail for embezzling Dh12m from GCC investor in Dubai

The victim was also made to believe that a new project will be launched and he could invest in it.

By Web Report

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Published: Tue 17 Apr 2018, 6:34 PM

Last updated: Tue 17 Apr 2018, 8:57 PM

Two fugitives, one of European nationality, were handed a three-year jail term in absentia for embezzling SR12,696,990 (approximately Dh12,434,335) from a GCC man.   
The victim was convinced to buy stock in a medical firm and an encrypted security communications company, as per 24 report.
Prosecutors confirmed that the fugitives gave the victim names of senior traders and investors within the two companies. They also gave him certificates signed and stamped which indicated the number of shares bought. They then falsified earnings reports regarding his 'investment'.
The victim was also made to believe that a new project will be launched and he could invest in it. 
The victim filed a complaint with Dubai's public prosecution. Following which, the Court of Misdemeanours convicted the duo and handed them a three-year prison sentence. 


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