ABU DHABI // About Dh95 million (US$26m) in cash has been recovered from defendants involved in the fraud known as the case of the "non-existent wallet", judicial officials said yesterday. The money has been deposited in an account set up to reimburse the 8,000 people allegedly defrauded of a total of Dh400m. The investigation began in April after police and public prosecutors received complaints from investors that they had received little or no return from an individual who had promised 30 to 40 per cent interest a month on their money.
An investigation involving Abu Dhabi Police, the Abu Dhabi Judicial Department and the Central Bank resulted in 91 arrests. They included AQ Qublan, who was named as the chief suspect, two of his brothers and a number of alleged assistants. All were charged with fraud. A statement released by police last month estimated the total value of all items seized from the defendants to be Dh260m. These include 63 vehicles, which will be auctioned this month at the Baniyas Sports Club.
Abu Dhabi Police's Criminal Investigations Division has assigned a team of 12 to verify the claims. Police believe those arrested had issued more than 5,000 bogus cheques to investors as guarantees. Some victims claimed they received their first monthly dividends, encouraging them to sell property and cars to invest in the scam, as well as urge their friends and family to invest. AQ Qublan is scheduled to appear in court on Wednesday.
ealghalib@thenational.ae
