Woman who set up 'scam fund' held in Ajman

Authorities in Ajman have taken legal procedures against an Emirati woman accused of embezzling Dhmillions from several local men and women by duping them into investing their money with her in return for high profits.

Police in the northern emirate arrested the unnamed woman in October but she was released on bail by the prosecutor pending her trial.

“We arrested the woman (MG) on October 23 and referred her to the prosecution after verifying the reports against her….she was released on bail but the case is being considered by the judicial authorities in the emirate,” Ajman police chief, Brigadier Ali Alwan, told the Dubai-based Arabic language daily 'Eairat Al Youm'.

He gave no other details but the paper quoted sources at the prosecution office as saying more information would be released once a court sentence is issued.

Several victims this week reported the loss of Dhmillions after they were persuaded by that woman to invest their funds in an import project she had presumably set up in return for high profits.

Two Emirati women and one Arab lady said they had lost Dh1.6 million while new victims quoted by Emirat Alyoum reported the loss of Dhmillions.

The paper said that all the victims had reported the woman to Ajman police and presented receipts and mobile phone texts proving she had taken their money and promising she would give them profits on time.

In its report on Wednesday, the paper said three women from Ajman lost nearly Dh1.6 million after depositing their money with that woman.

The women said they had trusted that lady after she told them she made large profits from trading in imported clothes and perfume and that she wanted them to share her windfall.

The women said they started to give her funds in installments and that they were encouraged by the fact that she worked at Ajman traffic department.

The paper quoted the women as saying they began handing her more funds after she provided them with nearly Dh3,000 in monthly income.

“The women said they lost a total Dh1.6 million in such a fund scam after the woman disappeared,” the paper said.