First Lt. Nawab Al-Bouq, spokesman for Jeddah police, said the man showed investors details of a residential project at a prime beach location.
“When victims would come and see him at his elegantly furnished office, he and his three accomplices would take them to a large plot of land and unveil plans for a huge residential project,” said Al-Bouq.
“He would tell his victims about the profits that would come and persuade them to hand him an advance deposit worth millions of riyals. He would also promise to transfer the deeds for the projects into their names once the full amount is paid,” he added.
Police launched an investigation after some investors lodged complaints. The man was, however, able to evade police and is thought to have fled to Yemen. Al-Bouq said media outlets that advertised the man’s projects would also be brought to court.
Police have issued a warning to the public to be careful and objective when reading advertisements in newspapers and online.
“All media outlets which publish advertisements should verify that the products being advertised are properly licensed so that their own credibility, apart from the interests of the public, is protected,” the spokesman said.
The police also warned about advertisements about medicines and food items that are not approved by the Ministry of Commerce and Industry or the Ministry of Health.
