JEDDAH, 8 November 2004 — Ahmad Abdu Asiri alias Abu Rakan, one of the key figures involved in the SAWA card scam, has been freed from custody after an investigating committee sanctioned his release on condition that he return all the money invested by shareholders, according to Al-Watan daily.

Security officials meanwhile stopped the refund process under way at Al-Makhzumi Street in Al-Balad district and detained those involved including Jamaan Asiri, Abu Rakan’s brother, to protect them from unruly depositors. Police took the action after a man in the crowd aimed a firearm at one of them.

A bystander, Abdulrahman Al-Rubei, who is also a shareholder, said that throughout the ordeal there have been a lot of bloody accidents and scuffles due to flaring tempers and pushing and shoving.

Rakan’s lawyer Mohammad Fallata said his client was released late Thursday night after days of investigation. He also stated that no criminal charges had been made against him; he was freed after undertaking to return SR90 million he had collected from the shareholders and never to engage in such activity without a proper license.

Fallata said the committee instructed Abu Rakan to return full amounts collected from shareholders who did not receive any profit and outstanding amounts to those who got back part of their money as profits. Those who already got amounts equal to their original deposits will not receive any refund.

Jamaan Asiri maintained that his brother’s activities were in accordance with the Shariah. Abu Rakan would buy SAWA cards at a rate of SR88 and then sell them at more than SR90. He said the cards were supplied to him by STC “representatives and other sources” he refused to reveal.

According to Al-Madinah daily about 3,000 shareholders gathered on Wednesday in front of Abu Rakan’s store in Al-Sabeel district to pick up their regular “weekly” profit. The shop did not open at the usual hour and news of the arrest spread causing anxiety and tension among the waiting depositors. Abu Rakan’s friends tried to pacify the crowd, but this only aggravated the situation.

“We’ve been exploited,” said Abu Mazen, a government employee who had invested in the business. “I admit I was wrong in the first place to take such a risk and to trust these people. But I want my money back; after all money was the whole point of investing.”

“I’m upset,” said Zaher Al-Ghamdi. “I trusted this man with my life’s savings. I’m glad he got arrested. He deserves it...”

A relative of Abu Rakan arrived at the scene carrying a huge bag which the crowd thought was cash. He had to run to get through the crowd and into the shop, with the people in close pursuit. Abu Rakan’s brother, his lawyer and a couple of relatives locked themselves up when they got cornered and ended up calling the police. Four policemen arrived after a full hour and tried to calm the agitated crowd but to no avail.

A policeman at the scene said: “We were instructed to help the people get their money back but the way the crowd is it is impossible. People don’t want us to deliver the money. They want to deal with Abu Rakan directly.”

Abu Rakan’s brother said: “We need to find a way of delivering people’s money to them either through the investigative committee or police. I reassure everyone that they’ll get their money back; it’s just a matter of time.”