Bahraini and Accomplice Jailed for Unauthorised Money Collection
The High Criminal Court has sentenced a Bahraini man to six months in prison and his accomplice to three months after they collected money without the approval of the relevant authorities.
They convinced two sisters to invest in the gold sector and promised them financial profits. However, after handing over the money to the defendants, they received nothing in return.
According to the details of the case, the victim met the second defendant who informed her about his various investments in the paper cup and box industries, as well as gold investments with another individual. He offered her the opportunity to invest her money, and she agreed.
She then presented the idea to her sister, who also agreed and gave her son BD20,000 to hand over to the defendant for investment in the gold sector, at a determined time and place. The transfer took place on the specified day.
Profit share
It was agreed that the victims would receive a 30% profit share of the paid capital amount for a period of six months, totaling BD2,000, in addition to the return of the capital amount after the deal was completed.
The first defendant handed over two receipts, each worth BD11,000, as a guarantee for receiving the amounts. Afterwards, the son was given BD7,000, but they refused to hand over the agreed-upon profit and the paid capital.
They delayed delivery of the remaining amount and deceived the victims by claiming that they had purchased a gold bar and would sell it shortly and deliver the profits. As a result, the victim’s son filed a criminal complaint, leading to the arrest of the defendants.
They were referred to the public prosecution, which charged them with receiving money for investment without obtaining a license from the Central Bank of Bahrain or other relevant administrative authorities authorized to conduct such money-collecting activities.
