10-Year Jail for Multi-Million Fraud

 - Victims lose over 3 million dinars.

- Court orders repayment and fines.

- Luxury promises end in courtroom battle.

Between 2020 and 2023, the defendant built a network of trust, presenting himself as an expert in real estate, company formation, luxury cars, watches, and special vehicle number plates. Promises of high profits convinced several investors to hand over substantial sums.

The first victim transferred nearly 1.67 million dinars through various payments, including cash, vehicles, jet skis, and equipment, under the agreement that profits would be deposited into a dedicated bank account. However, no account was ever opened, and the funds were never returned.

The second victim invested one million Saudi riyals in a project near City Centre, Manama, involving jet skis and padel courts. Only a small portion of the funds was returned, and promised profits never materialized.

The third victim handed over 45,000 dinars after being promised employment, profitable returns, a luxury car, and even received a cheque for 100,000 dinars. All promises were later withdrawn, leaving the investor with significant losses.

A Gulf businessman also testified that he delivered around two million dinars to the defendant for various investments, under the condition that all assets would be registered in his name and profits deposited accordingly. None of the arrangements were honored, and repeated requests for repayment were met with excuses.

The Public Prosecution charged the businessman with collecting funds for investment without a license and misappropriating entrusted assets.

The court’s ruling also included temporary civil compensation of 6,000 dinars to the first claimant and 1,000 dinars to the second, highlighting the severity of the financial losses. In total, the scam left victims with more than three million dinars in losses.