According to Abu Dhabi-based newspaper The National, the Dubai Court of Misdemeanours heard earlier this month that a pair of unnamed businessmen scammed an also anonymous Arab national in February 2006 by encouraging him to invest in a business that they did not actually own.
Fake steel company
The brothers convinced the victim that they owned a UK-based steel company with an Oman branch, court papers reveal. The Arab national opted to invest in the purported Oman location by buying shares that he was told were worth $30 million.
However, the money never reached any such business, as the brothers in fact only owned a 30 per cent share of the company involved. The alleged victim discovered that the same company had been sold to a different India-based corporation in 2010.
The brothers claim never to have received any money from the man, who said he transferred the $30 million to Barclays Bank for the men to withdraw for investment. The case continues with the next hearing scheduled for 29 March.
Fake steel company
The brothers convinced the victim that they owned a UK-based steel company with an Oman branch, court papers reveal. The Arab national opted to invest in the purported Oman location by buying shares that he was told were worth $30 million.
However, the money never reached any such business, as the brothers in fact only owned a 30 per cent share of the company involved. The alleged victim discovered that the same company had been sold to a different India-based corporation in 2010.
The brothers claim never to have received any money from the man, who said he transferred the $30 million to Barclays Bank for the men to withdraw for investment. The case continues with the next hearing scheduled for 29 March.
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