The police here in Madina have arrested an expatriate for collecting a total sum of SAR 1.7 Billion from several Saudi Citizens for a bogus agriculture, gold mining and other commercial operation schemes in an African country.
The expatriate in question is of African descent, aged 59 and has worked with several accomplices both inside and outside the Kingdom, in order to dupe the unsuspecting innocent people to invest in their fraudulent schemes. He also has used magic in order to fool his victims. This is in accordance to a report by a local publication.[irp]
The victims of the fraud man were from Yanbu, Jeddah, Madina, and Amlaj who had given him large sums of money through bonds, checks, and electronic transfers. This statement was made by the spokesman for the Madina Police Department, Colonel Fahad Al Ghannam.
The Chief of Police of the Madina Police Department, Brigadier General Abdul Hadi Al Shahrani has led the several operations which were conducted in order to arrest the suspect. It had been discovered that the man had also been involved in various fraud schemes in Jeddah and Madina.
Spokesman Colonel Al Ghannam has stated that the man had been arrested while trying to purchase a gold detector in order to convince his victims into thinking that he was some sort of genius.
When the authorities searched his house, they found a lot of ropes, ID Cards, Incense, powders, tapes, salary slips, bank statements and also checks which had been made out to him. The man had used many African people to help him raise a large amount of money by dumping his victims.
One of the people, who had been a suspected accomplice of the man, was a 46-year-old man who had been involved in raking in millions. Those items which were used to perform his magic have now been taken as evidence and a charge sheet is being drawn up against him.
This is not the first time we are hearing of such men who dwell into unlawful, fraudulent and illicit means to acquire large sums of money from innocent ordinary people who have worked very hard to earn that money.
However, there is one thing which is always common in such cases and stories, all of them end up getting caught. In the western world, such fraudulent schemes are known as Ponzi schemes.
These types of fraudulent people lure their victims with the promise of super-fast returns and high rates of returns, which will definitely ignite the greed hidden in all of us. These people even complete the payment of some people who then recommend others to try to, and so they get a new batch of clients after paying just one client.
Once the clients have been secured and a sizeable amount has been taken from the many victims, these people disappear into thin air, some going to foreign countries, while others going into hiding in the same country.
Source: Arab News