Dubai Misdemeanour Court heard on Monday a case of three accused of swindling Dh20 million from 13 people, promising them to invest their money in diesel trade and offering them 20 per cent profits.

As per the prosecution sheet, the accused identified as SK, 33, a Gulf-based businessman; SHK, 34, Asian; and SS, 38, Asian, assistant director, swindled money from 13 people in 2008.

First the accused took money from one person claiming they would pay him 20 per cent on the invested money as preliminary profits.

This encouraged others to part with their money.

The accused issued cheques against the money handed over to them to ensure gaining the trust of their victims and to show they are genuine businessmen, they told investigators.

At the beginning of 2008, the one of the accused SS claimed that he would invest the amount of a victim in the company where he worked and which deals in diesel against paying them 20 per cent of the paid amount and issued them cheques against the same.

As he failed to pay the agreed rate of profit until November 2008, the victim notified the police.

As per investigations, the victims received different rates of profits. While one of the victims received Dh2m profit, another got Dh200,000 and the rest received different amounts.

Meanwhile, the third victim paid Dh2.5m, the fourth victim gave the accused Dh10,000 as first payment and when he received 25 per cent profits in two weeks, he handed over Dh6.5m more in separate payments.

Another victim paid Dh100,000 as a first payment and then paid Dh800,000 in separate payments for which he got different amounts as profits.

One of the victims who paid a total of Dh175,000 was paid Dh50,000 as profits.

Another victim initially paid Dh10,000 and then increased it to Dh1.4m.

The accused SHK told investigators that he set up a real estate company in 2008 for people interested in investing their savings.

He told his friend SS and the two have agreed that SS will bring the clients against paying him 25 per cent profits.

The agreement, however, was not documented.

SHK confessed that SS gave him Dh5m within one month, which he collected without knowing its source or who are the actual investors were.

He allegedly invested the amount in a big real estate company in Dubai.

A few months later, SS asked him for the amount and the profits as was the request of the investors.

SHK claimed that he paid SS Dh7m – the original amount of Dh5m plus Dh2m profits. He said that he has no document of paying SS the amount.

SHK said he invested the money by buying a plot in Dubailand through a real estate company.

The total value of the land was Dh52m. He has paid Dh5m, 10 per cent of the total value as down payment. SHK said he knew nothing about SS diesel trade.

Later SHK knew that SS was arrested by police.

The court has adjourned the case for reviewing the memorandum submitted by SHK’s defence lawyer.