Fraud: no laughing matter but attempts can be laughable


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In the 1921 film The Haunted House, the comedy legend Buster Keaton's character is a bank employee who is wrongly accused of peddling counterfeit cash. He eventually discovers the real perpetrators' hideout with predictably farcical results.

That such scams were already being lampooned as far back as the 1920s is an indication of the longevity, and consequently the lack of originality, of one of the oldest criminal tricks in the book.

As reported in The National yesterday, a visitor from Cameroon posed as African royalty and presented Dh14.6 million in photocopied US$100 bills to swindle a potential investor, the Dubai Criminal Court of First Instance heard. To make matters worse, the investor was referred to the Cameroonian "royal" by "a friend". With friends like these.

Still, it shouldn't take a criminal pathologist to determine that photocopied bank notes won't pay the mortgage. In such situations vigilance, even outright cynicism, is advised. Anyone who offers to hand over a suitcase full of cash should, in one way or another, set alarm bells ringing.

In too many scams, the lesson that should be learnt is that easy money, whether genuine or not, is often too good to be true. Fraud is no laughing matter, but when criminals are as unoriginal as a fake African royalty, we feel confident the general public can rest safe.

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

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- Number of children under five will fall from 681 million in 2017 to 401m in 2100

- Over-80s will rise from 141m in 2017 to 866m in 2100

- Nigeria will become the world’s second most populous country with 791m by 2100, behind India

- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100

- an average of 2.1 children per woman is required to sustain population growth

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

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