The Abu Dhabi Police has busted a car scam syndicate with the arrest of the criminal gang’s 54 members, who allegedly defrauded investors of up to Dh1.3 billion.
Abu Dhabi Attorney General Ali Mohammed Abdulla Al Baloushi said Tuesday the 54 suspects have been charged in court with fraud, money laundering and practicing a profession without a license.
Police seized Dh53 million in cash from the ring leaders’ homes and at car showrooms they owned. Their bank accounts containing Dh100 million were also frozen, according to prosecutors.
A total 423 vehicles in 16 showrooms and 3,700 cheques were also seized.
The crackdown on the syndicate started when 400 investors complained to the police after losing money to the gang. The police investigated the complaints for six months and made the arrests in March.
The gang sold cars to the victims and buy the cars back at higher prices plus profits. The suspects issued post-dated cheques as payment. Many investors were lured to the scheme on promise of huge profits, which did not come.
credit: dubai92.com
