20 ordered held in bogus UAE investment scheme
By Rajive Singh
ABU DHABI: Ali Mohammed Al Balushi, Attorney-General of Abu Dhabi, ordered the arrest of 20 suspects involved in a bogus investment portfolio for car sales, and other suspects on charges of fraud, including seizing of illegal funds, money laundering and conducting a business activity without official licence.
The crimes are punishable under the Federal Penal Code and Federal Law No. 9 (2014), to combat money laundering crimes.
Al Balushi formed a team to investigate the case and to co-ordinate with other relevant authorities, said Wam.
The Finance Public Prosecution launched their investigation on 23rd February following the arrests. It also seized funds that were found with the suspects, initiated procedures to freeze their bank accounts and confiscated cars involved in the case.
Al Balushi also ordered the arrest of 25 people for breaching a ban that was issued last Thursday, for circulating the case on social media.
The violators will be prosecuted under Federal Decree-Law No. 5 (2012) to combat cyber crimes.