More than 50 people who were arrested in connection with a car scam worth Dh2.3 billion, and which affected more than 3,700 people, have been referred to court. The main defendants in the case are Emiratis while others are of various other nationalities, according to police.
Police said the three people who managed the scam were disguised as car dealers and hoped to make sizeable returns from selling cars on credit. Investigations showed that the gang lured customers to buy cars from them and later they would encourage them to sell the cars through them at a higher price by offering them big profits.
Prosecutors said a total of Dh53 million in cash was seized from the men’s homes and at car showrooms they owned. The UAE Penal Code punishes those convicted of fraud with up to three years in jail, while money-laundering is punishable by imprisonment for up to ten years.