A man involved in a fraudulent investment scheme was arrested in Alkhobar Tuesday in the Eastern Province after he managed to collect SR 38 million from more than 100 people.
The man may have conned more victims that may appear in the next few days. The man, in his 20s, was arrested at his house in the morning.
“He conned his victims into giving him money to have it invested in commercial projects. Initially, the reported sum reached SR38 million,” said Major Ziyad Al-Ruqaiti, spokesman for Eastern Province police.
The police “received 100 reports about the man who disappeared after he received the money. His location was revealed by the investigation squad.”
The suspect is with Al-Khobar police and the case will be referred to the Bureau of Investigation and Prosecution, he said.
Courts all over the Kingdom and in the Eastern Province in particular are dealing with several similar cases. In EP, dozens of rulings were issued against Juma Al-Juma and Hamad Al-Eid, two men accused of fraudulent investment scheme and required to return billions of riyals.
