Businessman jailed 10 years for illegally collecting over BD3m and managing unlicensed investments

TDT | Manama

Email : editor@newsofbahrain.com

The First High Criminal Court has sentenced a businessman to 10 years in prison and fined him BD100,000 after finding him guilty of illegally collecting and managing funds without a license, as well as embezzling movable assets and large sums exceeding BD3 million.

The court also ordered the confiscation of criminal proceeds and the restitution of funds to their rightful owners.

In addition, the defendant was ordered to pay BD6,000 in temporary civil compensation to the first plaintiff and BD1,000 to the second plaintiff for the material and moral damages they suffered.

Solicitation

According to the Public Prosecution, between 2020 and 2023 the defendant solicited and received large sums of money from three victims under the pretext of investing, managing, and developing their funds in real estate, company formation, vehicles, distinctive plate numbers, and luxury watches — without obtaining the required license from the competent regulatory authorities.

He then unlawfully appropriated the money and assets for himself.

Case documents reveal that the defendant received more than BD1.67 million from the first victim through bank transfers, cash, vehicles, jet skis, and equipment, all purportedly for investment.

However, he misappropriated the funds and assets for personal gain.

Shoreline

The second victim transferred one million Saudi riyals for a real estate and recreational investment project involving jet skis and padel courts near the Manama shoreline.

The defendant returned part of the money but kept SR50,000 and failed to deliver any profits.

The third victim gave the defendant BD45,000 via cash and bank transfers for investment in real estate and movable assets.

The defendant promised him employment in one of his companies, profit returns, a BD100,000 cheque, and a luxury car, and convinced him to transfer ownership of two special number plates.

Cheque

He later retrieved the cheque deceitfully and kept the funds.

A Gulf businessman also testified that he gave the defendant approximately BD2 million between 2020 and 2024 for investments in real estate, vehicles, watches, and company formation.

He later discovered that no accounts were opened in his name and that all assets were registered under the defendant, who continuously evaded repayment.