A trial in the case of "the non-existent wallet" was postponed yesterday to allow time to complete a report detailing exactly how much money was taken from investors.
Prosecutors allege that more than 8,000 people were defrauded of an estimated Dh400 million after they invested in a bogus investment scheme masterminded by AQ Qublan.
Victims were promised monthly returns of 30 to 40 per cent on their investments. Some were paid their first month's dividends to encourage them to invest further. But after that the cheques dried up. Some received no money at all.
AQ Qublan's trial was due to start yesterday but the Abu Dhabi Court of First Instance adjourned it until Oct 12 pending the chief investigative committee's report.
The committee, comprising members of the Central Bank, the Abu Dhabi Judicial Department and the Abu Dhabi Police, has been charged with compiling a report of AQ Qublan's assets, including property, cars, investments and money in various bank accounts.
All of the assets are to be sold and money will be seized by the Central Bank.
In addition, all investments made by other defendants who were brokers in the case are to be seized. Ninety two people including AQ Qublan have been charged in the case.
The investigating committee began making the seizures yesterday and money from the sale of seized assets will form a fund from which victims will be paid.
Abu Dhabi Police will conduct a public auction of 33 vehicles seized from Qublan and other defendants. Three of these vehicles alone are expected to be worth more than Dh1 million.
The Judicial Department said on Wednesday that the number of defendants in the case had risen from 75 to 92, and the number of victims had reached 8,000.
AQ Qublan, two of his brothers and 89 others who allegedly acted as brokers are facing fraud and forgery charges.
The Abu Dhabi Judicial Department's investigators said their work had been hampered because the leading defendants had not set up a proper accounting system. In a statement last month, the Judicial Department revealed that some of the co-defendants in the case were stealing money from AQ Qublan himself without his knowledge.
* The National
COMPANY PROFILE
Date started: 2020
Founders: Khaldoon Bushnaq and Tariq Seksek
Based: Abu Dhabi Global Market
Sector: HealthTech
Number of staff: 100
Funding to date: $15 million
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test Thursday-Monday at Colombo
- 3rd Test August 12-16 at Pallekele
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
The years Ramadan fell in May
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
Specs: 2024 McLaren Artura Spider
Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now
Scoreline
Liverpool 3
Mane (7'), Salah (69'), Firmino (90')
Bournemouth 0
Babumoshai Bandookbaaz
Director: Kushan Nandy
Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami
Three stars
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter