Abu Dhabi police confiscated checks worth 1.3 billion Dirhams ($354 mln) in a case of fake investment portfolios.
According to the Director General of the Abu Dhabi Police, Major General Maktoum Ali al-Sharifi, 43 people were arrested after 400 legal cases were filed against them within the past five days.
The case was opened six months ago when the three accused started the illegal investment. They began with one investment portfolio before expanding their fraud to three portfolios.
Sharifi said the detainees used a deceptive method by giving investors massive and unrealistic revenues. They then used their profits to buy cars at double the price in exchange for a deferred payment return at excessive rates.
Brigadier Rashid Bu Rasheed, Director of CID at Abu Dhabi Police, said the research and investigation team has said the 43 arrested defendants are accused of fraud, practicing a profession without a license and money laundering.
He added that 423 cars and 3,700 checkups were confiscated.
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