Online investment scam

TDT | Manama

Email: mail@newsofbahrain.com

A ruling is expected on 26 August in the case of three defendants, two Arab and one foreign, along with their company, accused of laundering nearly BD500,000 linked to a series of online frauds.

Prosecutors say the accused lured victims through online adverts claiming to offer investment opportunities in cryptocurrency, stock trading and gold.

People transferred money, believing they were securing future profits, only to realise later that the entire operation was a sham.

The Financial Intelligence National Centre (FINC), drawing on confidential sources, identified a company established by the second and third defendants.

It was registered as a gold investment business but is believed to have served as the main vehicle for the fraud.

The group allegedly ran online campaigns promising stable returns, backed by doctored images of growing financial portfolios sent to reassure investors. Investigators estimate that over BD400,000 were collected.

The money was then sent out of Bahrain and converted into cryptocurrency, with the aim of concealing its origin.

Transfers were carried out through several overseas banks.

The matter came to the attention of the authorities after a number of victims filed complaints.

Each had responded to adverts, deposited funds and later found themselves ignored. The court is due to rule on the charges against the three accused and their company later this month.