Saudi scammer makes 5 million dollars from a fictional company

Shafaq News / On Wednesday, a Saudi citizen was arrested and referred to the judiciary after defrauding a number of people through a fictional financial investment company and obtaining about five million dollars from them.

According to investigations published by the Saudi Press Agency (SPA), the fraudster deceived his victims by exploiting the similarities between his company’s name and that of a legitimate business, leading to fraudulent investment agreements. The competent authorities arrested the Saudi citizen, who seized about 18 million riyals (about five million dollars) from his victims and referred him to the competent court, which sentenced him to prison and a fine.

The Saudi Public Prosecution said that this fraud case ended with the issuance of a seven-year prison sentence and a fine of one million riyals (about 266,000 dollars) after he was convicted of the crime of financial fraud.

It is not clear how many victims of the false company and whether they recovered their money or part of it after the fraudulent investor was arrested, imprisoned, and fined. The name of the company was not disclosed.

In a statement, the Saudi Public Prosecution urged the importance of verifying optimal investment methods and the importance of knowing the sources of those activities before investing in them.