Man jailed, fined BD100,000 for fake investment scam
A man has been jailed for five years and fined BD100,000 after collecting money from the public on the pretext of investing it without holding the required licence.
The High Criminal Court also ordered him to repay the funds to those who handed over their savings.
Prosecutors said the man took around BD81,000 from several people after persuading them that he would use the cash for trading in telecom devices and for the installation and servicing of air conditioners.
Investigation
When complaints began to surface, the Public Prosecution launched an investigation. The man was questioned and admitted to receiving the money without any formal permission to manage other people's investments.
He was kept in custody while the investigation ran its course.
Accounts
Officers interviewed all those who had been drawn in, and police checks backed up their accounts.
A letter from the Central Bank of Bahrain confirmed that the man had no permit to carry out investment activities involving funds belonging to others.
Once the file was complete, the case was passed to the court. Judges, having reviewed the material, delivered the sentence.
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