Investor acquitted of defrauding 43 pilots

The Dubai Misdemeanour Court acquitted a British from defrauding 43 pilots with more than Dh20m.

According to the accusation sheet BNM, 45, collected Dh20.225m by claiming property investments and launching portfolios.
 
According to the accusation sheet, BNM advertised about property projects on different websites looking for investors.
 
The pilots expressed interest in his projects and the accused sent them brochures.

The victims signed contracts with the accused according to which they would receive the money they have invested and 30 per cent profits.
 
The accused issued cheques to the investors in his portfolio with the value of each one’s money.
 
When payments were due, the accused sent letters to all investors asking them not to submit the cheques to the bank because he did not have the required balance in the account.
 
The pilots lodged a complaint to the police as the accused failed to fulfil his promises and that they have been subject to a defraud operation.
 
The accused confessed to issuing cheques to the complainants but denied setting up a company for defrauding and embezzling purposes.

He said that he had signed a contract with a real estate company for the construction of a number of towers. The company’s owner absconded after receiving the money to start construction. The accused has lodged a police complaint as he was conned too.

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