54 people who were arrested for a car scam worth Dh2.3 billion, affected more than 3,700 people, have been referred to court.
54 people have been sent to the criminal court on charges of fraud, money laundering and practising various professions without a licence.
Abu Dhabi Police arrested the gang member after a six-month investigation into fraud after more than 400 investors complained to them in five days.
The main defendants in the case are Emiratis while others are of various other nationalities.
Police said the three people who managed the scam disguised as car dealers and hoped to make sizeable returns from selling cars on credit.
A total of Dh53 million in cash was seized from the men’s homes and at car showrooms they owned.
The fraudsters promised the investors a 100 percent return on their money before this changed to between 70 and 80 percent.
Investigations showed that the gang forced customers to buy cars from them and later they would encourage them to sell the cars through them at a higher price by offering them big profits.
The accused allegedly issued post-dated cheques to the investors. Those people who joined invested first received the promised profit, which encouraged others to join the scheme that went on for a few years, according to authorities.
They used part of the cash to buy luxury cars and special car numbers.
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