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Bogus firm swindles Dhs320m from investors
- United Arab Emirates: Thursday, September 25 - 2008 at 09:36
Managers of a fraudulent fund in Abu Dhabi allegedly conned around 1,300 investors into paying Dhs320m ($87m), official news agency WAM has reported. A representative of the fraudulent company, a UAE national, and its Sudanese manager were arrested on charges of conning people into investing into their fund which they claimed was compliant with the Islamic Shariah, according to Colonel Maktoum Al Sharifi, director of the Criminal Investigation Department of Abu Dhabi Police. He said the two suspects used religion to convince victims to sign contracts that prevented them from claiming the full amounts of money they had deposited in the fund.
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Jeff Florian, Senior ReporterThursday, September 25 - 2008 at 09:36 UAE local time (GMT+4)
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