*** Bahraini Man Sentenced for Fraudulent Investment Scheme | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Bahraini Man Sentenced for Fraudulent Investment Scheme

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

Email: anchalo@newsofbahrain.com

A 25-year-old man has been sentenced to three years imprisonment by the High Criminal Court for defrauding four individuals of 65,000 Bahraini dinars.  The court also ordered the confiscation of the proceeds of the crime and the restitution of the funds to the victims.  The defendant operated without the necessary licenses from the Central Bank or other relevant authorities.

The man's scheme was uncovered after he lost the invested funds while trading in forex and cryptocurrencies.  The case came to light following a complaint from one of the victims, who met the defendant at a café last February.  The defendant offered investment opportunities promising increased income.  
 
The victim, motivated by upcoming wedding expenses, initially invested 200 dinars.  The defendant then claimed a 40% return, prompting the victim to invest a total of 45,000 dinars over time.  However, the defendant subsequently delayed returning the funds or paying the promised profits.

Further complaints followed, with one victim reporting a loss of 2,450 dinars, another 3,000 dinars, and a fourth victim 850 dinars.  Investigations revealed that the defendant had collected funds without the required licenses.  
 
He confessed to receiving a total of 65,000 dinars from the victims for investment purposes but admitted to losing the money due to losses in trading.  He stated that he had been trading cryptocurrencies since 2020 and was unable to return the funds due to his losses. 
 

Most Read