A swindler has been jailed for a year and fined Dh50,000 by the Court of First Instance.
The culprit, identified as MFMB, was found guilty of running an unlicenced financial investment scheme that enabled him to collect money from UAE nationals and expatriates. He was regularly paying profits of up to 70 per cent to gain the confidence of his victims and attract more investors.
The man has been banned from carrying out any commercial activities for two years and will be deported from the UAE after serving his jail term.
An official source at the Office of the General Prosecutor warned against such bogus financial investment companies, saying: "We hope the general public would not be so gullible as to believe in such schemes."
He added that such activities would face the full force of the law and asked investors to be vigilant.