ABU DHABI: Police arrested two men accused of running an unlicensed investment scheme that cost 1,300 people a total of Dh320 million (US$87.1m), with some losing as much as Dh700,000.

The men, an Emirati and a Sudanese, allegedly promised investors a monthly return of as much as 40 per cent on their initial investments.

Abu Dhabi Police said the investment scam had operated since 2004 and continued to attract investors until April of this year, when dividends suddenly stopped.

The scheme, as described by police, is reminiscent of the “case of the missing wallet”, in which more than 8,000 people were promised monthly returns of 30 to 40 per cent and lost an estimated Dh400m.

Investment scam arrests - The National Newspaper

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