Fake investment shark nabbed

Author: 
MUHAMMAD AL-SULAMI | ARAB NEWS
Publication Date: 
Sun, 2010-06-06 00:44

Police spokesman Lt. Col. Abdul Aziz ibn Osman Al-Zinaidi said “many” of the man’s alleged victims have lodged embezzlement complaints against him. The company was established in 2007 and targeted government employees.
The company made it a condition that investors should not be indebted to any Saudi bank and that his or her salary should not be less than SR4,000 a month.
The company promised to give the investors a golden card that would enable them to cash their profits and be members of the company’s board of directors.
The police spokesman said more than 200 people joined the company paying more than SR3 million, but when they asked for their profits the owner fled.

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