Man cons people out of BD1.3 million in investment scam

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Police arrested a Bahraini man suspected of conning people out of BD 1.3 million in a bogus investment scam. Police acting on a tip-off made the arrest, the Public Prosecution said.

Public Prosecution charged the suspect with collecting money for investment purposes without having required licenses and permissions.

Court files say the suspect also attempted to launder the money to legalise it. It’s worth noting that the competent authorities registered 12 money laundering cases last year, the Daily Tribune reported.

The Financial Investigation unit at the Ministry of Interior also previously uncovered six illegal offshore money transfers.