BD382,000 investment scheme fraud
TDT | Manama
Email: mail@newsofbahrain.com
A young man is on trial accused of running an unlicensed crypto investment scheme that pulled in about BD382,000 from at least 19 victims after he promised monthly returns of 10 per cent, the High Criminal Court has heard.
Prosecutors say he collected and received the money through a private online investment platform he claimed to own and manage, without a licence from the Central Bank of Bahrain or any other competent authority.
He is also accused of taking victims’ cash through fraudulent means, including interference with an information technology system.
According to case papers, the defendant met victims, introduced himself as an experienced investor, and opened accounts for them on the platform, providing usernames and passwords.
He then asked them to transfer funds through a financial application to bank accounts held in other names, saying the sums were being deposited into the platform.
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