The police here have arrested a Yemeni man for defrauding a well-known Saudi businessman out of SR500 million.

The businessman had filed a complaint with the Aziziya police station after he failed to receive the promised returns on his investment, according to a report in an online publication.

He said the Yemeni man, 37, had claimed he owned a company that was subcontracting for mega projects underway and could make huge money for investors.

Lt. Col Ati Al-Qurashi, Makkah police spokesperson, said the man has been arrested and referred to the country’s prosecuting authority.