- JEDDAH: The legal representative of more than 2,000 investors in a building project in Madinah has asked the authorities to arrest a man allegedly responsible for embezzling SR70 million from the investors and force him to return the money.
According to a report in Friday's Al-Madinah newspaper, the lawyer, Ahmad Muhamamd Al-Khishaiban, said the embezzler was still at large despite two arrest orders from the ministries of Interior and Commerce & Industry.
The suspect in the embezzlement scheme has only been identified by the initials “S.N.”
Some of the plaintiffs in the case claim the accused man has continued to set up shell companies to defraud others.
The victims of the real-estate scam claim they invested in a Madinah residential tower to the tune of SR10,000 per share. They claim that “S.N.” promised a 21 percent return on their money, but instead absconded with the cash and remains at large.
