‘Curb fake investment schemes’

TDT | Manama

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Parliament approved an urgent proposal calling for firmer steps to protect people in Bahrain from fraud carried out under the cover of “investment” and money-placement schemes, after a rise in recent promotions for financial ventures and market speculation.

The proposal urges action to protect personal savings and strengthen economic security, warning that some of the schemes being sold to the public could be fictitious or amount to scams.

It was submitted by MP Bader Al Tameemi, with the participation of MP Dr Ali Al Nuaimi, MP Ali Saqer Al Doseri, MP Hassan Ebrahim and MP AbdulHakim Al Sheno. In their stated reasons, the MPs said the spread of such practices could damage Bahrain’s reputation and economic standing, harm the investment climate and pose a risk to the wider economy, while leaving citizens’ savings exposed.