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Abu Dhabi: A five-member gang was arrested for swindling 140 people of Dh17 million by running a bogus investment portfolio, the third of its kind in two weeks.
Major General Mohammad Bin Al Awadi Al Minhali, Deputy Director of the Abu Dhabi Police Operations, said the gang used a new method, setting up a website and promising victims five per cent monthly profit.
Al Ain police criminal investigation department came to know that the gang was carrying out unregistered activities, and had no central bank licenses.
The director of the bogus portfolio confessed to spending the received funds, during interrogation.
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