Sharjah police has arrested five people accused of running a fake investment company.
The company attracted depositors by promising high returns. The fraudsters were running the investment company from a residential apartment.
The apartment had meeting rooms, office desks and computer monitors so that people would think it was a legitimate company, though it did not have a trade licence.
Police came to know about the fraud after they received a complaint from one of the victims, who claimed that he had given the company Dh1,500 for investment in return for $400 (Dh1,460) of profit per month.
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