Court Hears Allegations of Multi-Million Dinar Fraud in Investment Firm Case

During the second session of the trial involving the owner of a financial investment company, its CEO, and two board members, new details emerged regarding alleged fraud, forgery, and the embezzlement of over BD 6 million from investors, alongside accusations of laundering the proceeds.

Attorney Abdulrahman Ghunaim revealed that his client, the third defendant in the case, informed the Central Bank of illegal activities carried out by the company’s owner, the first defendant. Ghunaim confirmed that his client admitted in the public prosecution’s investigation to participating in the crime by approving and agreeing with the other defendants to execute the last two fictitious transactions.

In court, the defense lawyers requested the appointment of an independent accounting expert to submit a detailed report on the case and proposed summoning the investigations officer and additional witnesses.

Meanwhile, lawyer Eman Al-Asaar, representing the second defendant, asked for an accounting firm to provide its own report, in addition to summoning three witnesses, including an investigations officer. Al-Asaar noted that her client was not physically called for financial investigations, but his testimony was taken via video call. She requested a copy of this recording, which the prosecution confirmed was in their possession.

Ghunaim also stated that his client had sent an email to the credit director at the Central Bank, alerting her to the illegal transactions by the company’s owner and requesting an official investigation. The defense requested that this witness be summoned.

Additionally, lawyer Fareed Ghazi supported the call for an accounting expert, emphasizing that his client, the fourth defendant, faced allegations of involvement in two fictitious deals totaling BD 320,000. However, a report prepared by the Central Bank’s appointed expert, included in the prosecution’s submission, did not show any funds entering the accounts of his client or the other defendants from the first through fourth.

The court is expected to consider these requests and summon the proposed witnesses in upcoming sessions as the trial continues to unravel the alleged multi-million dinar fraud.