JEDDAH, 31 October 2004 — The prime suspect in the multimillion-riyal SAWA card share scam is expected to surrender within a few days as security agencies have tightened the noose around him, informed sources said.
The man, who went into hiding since the scam surfaced two weeks ago, is believed to be possessing SR300 million, which was collected from Saudis and expatriates in SAWA shares after offering huge profits.
The sources denied reports that the man had run away with SR1 billion. “He received SR300 million from the first partner to hand it over to the second partner for distribution among the shareholders but he disappeared with the money,” Okaz said quoting the sources.
Police are now questioning two leading suspects as well as 10 group leaders who collected money from individuals as SAWA shares offering them a monthly profit of SR6,000 for each SR8,500 share.
The business was running smoothly until recently as the partners paid attractive profits to their clients. Later, conflicts arose among the main partners and the third partner disappeared with SR300 million, the paper said.
Authorities have found SR200 million with one of the group leaders and SR700,000 in other places owned by the partners, the paper said. The two leading suspects have admitted to police that they had bought lands, buildings, shops and luxurious cars and invested in businesses.
