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A BUSINESSMAN allegedly pocketed BD250,000 as part of an investment scam.
The 45-year-old Bahraini appeared at the High Criminal Court where he denied embezzlement and money laundering.
He was arrested after a Syrian father and son and a Bahraini man informed authorities about the alleged scam in 2015.
The Syrian son, aged 34, living in Saudi Arabia, described how the defendant had promised to help them set up a real estate company in Bahrain.
“My father and I are investors in Bahrain and we met the defendant in 2015,” he told a leading judge.
“We, along with a Bahraini investor, agreed to give the defendant BD250,000 in return for opening a real estate business in Bahrain; it was the amount needed to open a commercial registration (CR).
“My father sent the defendant BD212,000 in addition to handing him BD38,000.
Shocked
“Three months after registering the CR, we wanted to buy a piece of land when we were shocked to find that the bank account had no money.”
He added that the defendant initially tried to avoid his phone calls, and then claimed that the money they had given him was accidentally transferred to another company.
“First he told us that he could not reach the bank. Then he said he had accidentally sent the money to another company.
“We tried to settle things out of court but he kept on trying to avoid us.
“We then found out that he had sent the money to a car company in Saudi Arabia and bought a Mercedes-Benz SLS AMG.”
The defendant pleaded not guilty and told judges that he was a trustworthy man.
“I am a businessman and have a very respectful reputation,” he told judges.
“I swear to God I did nothing wrong and I need to be home with my family.
“There is no evidence to prove me guilty.”
The trial has been adjourned until Tuesday for the submission of defence papers.
noorz@gdn.com.bh
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