JEDDAH — A Saudi man was arrested and imprisoned for scamming some 600 people out of SR120 million in their savings, Al-Watan newspaper reported.
A source said the Interpol arrested a Saudi con man from a Gulf country.
“The man is unmarried and uneducated. He told his victims that he will invest their money in forex trading. The man opened an office in Madinah and hung a sign indicating that the office offers opportunities to invest in the stock market,” said the source.
The source said the man employed a secretary to accept investment requests from clients.
“The secretary was aware of the scam operation. The clients the man received had signed contracts thinking the documents would protect their rights. The man lured his clients saying they will gain as much as 80 percent in profits,” said the source.
The source said the man collected SR120 million within just four months.
“The man returned some money back to some of his clients to make them believe that they were earning profits from their investments. After a few weeks, the clients were surprised to see the office closed down and the secretary disappearing,” said the source.
He said the man cheated his clients after they gave him their money and escaped to a Gulf country.
“At least 600 people victimized by the man filed complaints against him to the police. The Saudi authorities sought Interpol help to locate the man and arrest him. The Interpol did indeed locate the man and arrest him. The man is currently imprisoned in the country he was found in. He will be handed over to the Saudi authorities for prosecuting him,” said the source.
