Unionist sentenced in fake gold investment case

The Lower Criminal Court has ordered to jail a popular unionist for three years after finding him guilty of fraud and unlawfully attempting to earn over BD2 million from his victims. The defendant was fined BD2,000. Another suspect and his wife, who were as well accused in the case, received a one year imprisonment each. The details of the case show that the unionist had lured his victims, who were all females, to sign debt bonds of BD5,000, after convincing them that he would enrol them in a huge investment in gold and jewellery.

The total bonds the man convinced his victims to sign were 429 that are worth over BD2 million, sources added. The case surfaced when a group of women, the victims, lodged a complaint against the trio, who allegedly misused the victims’ financial needs to persuade them to take part in the fraud investment project after promising returns of up to BD300 a month. The fraud began with the first victim who was informed by the female defendant that the alleged investor, the first defendant, owns large quantities of gold bars.

The female accomplice told the victim that all she needed to do was to receive the bars from the first defendant and pretend she is selling it to him at his shop so the authorities wouldn’t suspect the source of the gold. The victim was promised that she will receive a monthly return of BD300, after she signed a debt bond of BD5,000 in guarantee for the bars she would receive. The fraudsters allegedly fulfilled their promise and paid the first victim BD300 for her effort. She was later convinced by the defendants to invite more women to participate in the alleged investment and effortlessly make BD300.

The victim soon invited eleven other women, who all fell prey to the fraud scheme. The first defendant filed cases to the court against the victims, and demanded them to pay the amounts, a total of BD2,145, 000, supporting his claims citing the bonds the women have signed. However, the authorities further investigated the man’s suspicious claims after the 12 victims complained to the Anti-corruption and Economic and Electronic Security Directorate in Interior Ministry.

The first defendant was charged with obtaining the bonds using fraudulent methods and the second and third defendants were accused of assisting the first defendant.