Bahrain: Man Accused Of Collecting Money Illegaly

A suspect, who claimed to be a wealth manager, allegedly took money from many to invest in various schemes, faces trial for illegally receiving money. Judges will hear the case on March 10, 2019.

Muharraq Chief Prosecutor Aamer Al Aamer yesterday confirmed that the suspect was interrogated by the Public Prosecution.

“He is accused of receiving amounts of money from victims with the intention of investing, managing and utilising it without obtaining the necessary permission from the Central Bank of Bahrain to do so.

Mr Al Aamer explained in a statement issued yesterday that the case was initiated when the Anti-corruption, Economic and Electronic Crimes Directorate in the Criminal Investigation Department, received a tip-off about the suspect ’s activities. The Chief Prosecutor said that “the accused deluded people by promising that he would invest their money with foreign stocks and return them profits from time to time, but never fulfilled his promises”.

According to Mr Al Aamer, the investigations of the Directorate found that the suspect deployed illegal fraudulent methods for collecting money from people as he was not having a licence from the CBB.

He also issued them cheques without having enough balance in the bank account.

During the interrogation, it is learnt that the suspect confessed to committing the crime. “He stated that he took money from others with the intention of investing it without obtaining the necessary licence from the authorities concerned.”

The Public Prosecution has ordered to detain the suspect and refer him to trial before the First High Criminal Court.

Source: DT News