An Egyptian barber has been arrested after disappearing with 250,000 Egyptian pounds (SR135,000) he took from a Saudi businessman, claiming that he could invest the money in high-rise buildings.

Ahmad Ali Yahya Qadari, the 38-year-old Saudi businessman, had filed a complaint at the Bani Suwaif province police station in Egypt, claiming that he had been subjected to fraud by an Egyptian barber.

The barber had convinced the Saudi businessman to invest money in residential towers in the barber’s hometown and took the money as a down payment to purchase a piece of land, after which he fled, local media said quoting Egyptian media sources.

Investigations have shown that the Saudi businessman and the barber are friends, sources said.

The barber has been referred to prosecution authorities for further investigations, the media said.