Bahrain's million dinar mirage: 60 fall prey to investment scam
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
A man accused of running an investment scam in Bahrain has been granted legal representation to present his case.
The defendant, who allegedly deceived around 60 investors with over BD1 million, entrusted him with promises of extraordinary returns on their investments.
The defendant, who had previously been convicted in 2020 on similar charges, claimed he was unable to make restitution due to the seizure of his assets and bank accounts.
He portrayed himself as a prosperous entrepreneur with a wide array of investments and a platform offering investment support.
However, he lacked the necessary licenses to provide such services within the Kingdom.
The victims recounted in court that the defendant failed to deliver the promised monthly returns or return their principal investments.
The defendant admitted to the allegations, citing his deteriorating financial situation and the confiscation of his assets and bank accounts as reasons for not returning the funds.
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