Woman swindles investors out of SR500 million
A young Saudi woman has fled the Kingdom accompanied by her husband with SR500 million in fake investments obtained from unsuspecting citizens, a local daily reported.
In Jeddah, Al-Salama police received complaints from 25 citizens who reported that they were victims of fraudulent investments made by the young Saudi woman, and some of them have even received uncovered checks or checks which carried different signatures.
They claim that the woman holds two business licenses, one for real state and another for importing electrical appliance. Some 1,190 investors contributed to the young woman’s fake investments through her office in Jeddah, they said.
The accused woman collected amounts of money ranging between SR30,000 and SR40,000, expanded her activities and issued uncovered checks in order to pass the time, enabling her collect as much money as possible, according to one shareholder, who spoke on the condition of anonymity.
Another shareholder, who also requested anonymity, said that he became acquainted with the company owner six months ago through a female bank employee who convinced him to pay SR6 million as his share in one of her projects that she had already supposedly been contracted to implement. The accused woman had friends in other banks who similarly convinced potential investors to work with the young Saudi woman, he pointed out.
Source: arab news – Woman swindles investors out of SR500 million
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