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Bahrain - A television producer has been jailed for three years for embezzling millions of dinars.
The Bahraini, aged in his 60s, duped nearly 200 investors since 2003 after tricking them into believing they were investing in British companies.
The victims, from Bahrain and the Gulf, unknowingly deposited the money in his personal bank account.
He then pocketed the money and told his victims that the companies they had invested in had gone bankrupt. The Lower Criminal Court jailed him for three years and also fined him BD50,000.
However, he has been released on BD50,000 bail pending the outcome of his appeal at the High Criminal Appeals Court.
The lower court also ordered the confiscation of the money he had taken from the victims and allowed them to file a compensation claim at the High Civil Court.
According to the ruling, in one of the cases, the defendant claimed to sell victims stock in a company manufacturing DNA machines.
However, the company denied receiving any money from the defendant, adding that he did not have the right to sell shares of the company.
The Bahraini, aged in his 60s, duped nearly 200 investors since 2003 after tricking them into believing they were investing in British companies.
The victims, from Bahrain and the Gulf, unknowingly deposited the money in his personal bank account.
He then pocketed the money and told his victims that the companies they had invested in had gone bankrupt. The Lower Criminal Court jailed him for three years and also fined him BD50,000.
However, he has been released on BD50,000 bail pending the outcome of his appeal at the High Criminal Appeals Court.
The lower court also ordered the confiscation of the money he had taken from the victims and allowed them to file a compensation claim at the High Civil Court.
According to the ruling, in one of the cases, the defendant claimed to sell victims stock in a company manufacturing DNA machines.
However, the company denied receiving any money from the defendant, adding that he did not have the right to sell shares of the company.
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