Escaped Conman arrested in Egypt

Manama : A 27-year-old man, the alleged mastermind of a huge investment scam in the Kingdom in which several Bahraini and GCC nationals were defrauded to the tune of BD3 million, has been arrested in Egypt. 

The General Directorate of Anti-corruption and Economic and Electronic Security have been coordinating with the Interpol and the Egyptian authorities to apprehend the man and has issued an international warrant.

According to the reports published by the local Arabic dailies, the 27-year-old man was travelling between Yemen and Saudi Arabia before reaching Egypt where he was arrested. 

The scam, according to the complaints filed in the Kingdom, targeted Bahraini and GCC Citizens who were looking forward to investing their savings in a profitable business. 

Reports say the man, who was running car accessories shops registered under his sister’s name, promised “guaranteed profit” to his victims as he was importing vehicles from the United States of America. 

The victims, however, were shocked after finding that the cheques given to them by him had not credit. 

The scam came to light when the victims decided to file complaints with the police claiming that they have lost million of dinars. 

His sister, however, denied knowledge of any of the agreements made between her brother and the victims and informed the police that “he asked to take the Commercial Registration (CR)s in her name, as the Kingdom’s commercial laws and regulations prohibit employed persons from receiving CRs.”

She also revealed signing several blank cheques to him as she was the only authorised person to do so since the CRs were registered in her name. The man now in the custody of the Egyptian authorities will be handed over to the Bahraini police after completing relevant procedures.