UAE: Men seize Dh734,620 in gold deal fraud
The accused said he worked in the gold industry and offered to buy the victim 33 kilograms of gold
Two African men seized $200,000 (Dh734,620) by duping him with a deal of 33kg gold, worth $1,320,000 (Dh4,848,492).
The Dubai Misdemeanours and Violations Court convicted and sentenced them to three months in prison and asked them to pay a fine of $200,000, in dirhams. They will be deported after serving their sentence. The Court of Appeal upheld the verdict.
Last May, an Arab investor reported that two men had seized $200,000, by defrauding him with a fake gold deal.
He said that one of his friends directed him to the accused. The accused said he worked in the gold industry and offered to buy him 33 kilograms of gold, worth $1,320,000 from his home country.
He added that another defendant invited him to his house in his country. So, the man travelled to the accused’s country with his friend. They checked the quality of the gold and signed an agreement for the quantity, and paid $100,000.
The man added that he contacted the first accused on the date of receiving the gold. However, the second accused came to him in a hotel in Deira and and brought a box which he said contained part of the gold.
He then asked for $30,000 to clear documents for the shipment and another $70,000 which was part of the transaction. He also refused to hand him the gold as he said he would clear the shipment later that day.
The victim said that he had asked the accused to wait in the hotel until clearance is given by authorities and the gold has been legally received.
However, the victim waited for three hours and kept calling the accused to no avail. He then informed the police.
According to police records a team of investigators gathered inferences, reached the accused, and arrested them in a hotel in Deira. The accused denied any connection to the incident.
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