The General Court in Riyadh has registered more than 30 lawsuits filed by people who say they have been swindled out of SR400 million by an investor. The man allegedly cheated some 6,000 Gulf citizens.

Legal sources told local media that the citizens who invested in the business group, which is now under investigation, have filed a class action suit with documented proof of money paid to the investor.

The lawsuits filed by the citizens came a few days after Riyadh police referred the accused to the Bureau of Investigation and Public Prosecution for further investigation.

Many affected citizens and Gulf nationals are now awaiting the results of the investigation before proceeding with the case after the Saudi investor surrendered to Riyadh police following a spate of complaints filed against him by various bodies, including the Riyadh governorate.

The people affected filed complaints to the governorate against the Saudi investor demanding that he return their money. The investor has signed investment contracts with them concerning a number of projects in Riyadh, Makkah and Madinah; most notably, the project of Riyadh Metro and other equipment rental firms.

The investor began collecting the funds from Saudi citizens in Riyadh, Madinah and Makkah, in addition to other Gulf nationals from Bahrain and Kuwait. The complaints against him said that the citizens were victims of fraud and cheating by the group of companies owned by the Saudi investor, after they signed contracts with him promising them monthly revenues of SR4,000 over a span of three years.

The competent bodies in Riyadh halted all services rendered to the investor in the wake of the complaints filed against him, including the services provided by the Ministry of Commerce and Industry.