UAE: Man jailed for investment scam that defrauded friends of almost Dh1.2m – News

As days passed and there was no contact with the defendant, the victim began to suspect his friend was trying to avoid him

An Asian man has been convicted of defrauding his childhood best friend of Dh1,191,000. The defendant persuaded the victim to invest his own money in the importation of syringes for medical vaccines to benefit a well-known medical equipment company, which he claimed had a contract with the official body.

The prosecution referred the defendant to misdemeanor court on charges of fraudulently embezzling another person’s money. The court sentenced him to one month in prison, deportation and a fine of Dh625,805.

According to police records, the defendant showed the victim a forged document, so the victim, relieved, handed over the amount. Days passed, the accused was not in touch and the victim began to suspect that his friend was trying to avoid him. He contacted the police and filed a report and the accused was arrested while trying to leave the country.

The victim said the accused promised him huge profits if he financed the importation of medical syringes for vaccines and even offered him a temporary work contract in connection with the supply of key employees entity. Medical device company.

He was also given an ID card issued by the same company to allow him access to the cargo area of ​​the airport.

The victim added that the police verified the card with relevant authorities, which proved that it was a counterfeit. Communications with the medical supply company that the defendants purportedly contracted with also indicated that no such agreement existed.

The accused revealed during the investigation that he refunded Dh565,695 to the victim. He also owed the victim Dh625,805, which he promised to pay back within 10 days.