Man gets five years in fraud investment case

The First High Criminal Court yesterday sentenced a man to five years imprisonment over the charge of fraud after he received BD14,000 from two people after convincing them that he would invest the amount for them without obtaining a license from the Central Bank of Bahrain (CBB).

The court also ordered the defendant to return the money to the victims. According to the statements of the first victim, the defendant had offered to invest his money on an online trading platform, promising him that he, the first victim, would receive a monthly profit of 10 percent on his investments.

During the interrogation, the first victim told the Public Prosecutors that he gave the man BD4, 000, after making him sign a debt bond. However, the victim said the defendant failed to pay him the profits or repay BD4,000. As for the second victim, he told interrogators that he gave the defendant BD10,000 expecting huge profits in return.