An Emirati businessman who has been accused of defrauding depositors out of Dh847 million (US$230m) in a bogus investment portfolio appeared yesterday before the Dubai Misdemeanours Court and was charged with issuing two cheques that bounced for insufficient funds.
Abid al Boom, who prosecutors say defrauded 3,500 depositors, remains in custody while an investigation continues. He appeared calm in the dock yesterday while his lawyer asked for a verdict of not guilty. The defence argued that the cheques bounced because Mr al Boom’s accounts had been frozen by prosecutors.
“In truth, Mr al Boom has many bounced-cheque cases against him,” said Salem al Shaali, the defence lawyer, “but we are confident the judge will find him not guilty as he had no intention of bouncing any cheques. The reason they bounced is because his bank accounts were frozen.”
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