Emirati business tycoon, Abid Al Boom, serving a 923-year imprisonment for defrauding 3,695 investors out of nearly Dh900 million, pleaded innocent when he appeared before the Dubai Appeal Court Monday.
The Dubai Misdemeanors Court had jailed Al Boom for three months against each of the 3,695 counts of swindling and deception.
His seven alleged associates, including his brother, K.B., another Emirati, A.S., an Egyptian, M.I., a Malawian, M.M. and three Somali women, were acquitted of aiding and abetting Al Boom for lack of evidence.
Al Boom and his seven suspected associates Monday pleaded not guilty and denied their charges before Presiding Judge Adnan Al Farra.
Prosecutors charged Al Boom with defrauding and swindling 3,706 investors out of more than Dh900 million.
The Emirati businessman was acquitted against 11 counts of swindling.
A special judicial committee was set up upon a Ruler's decree to liquidate Al Boom's assets and was tasked to list all of his properties and funds and determining his financial situation, rights and obligations.
During yesterday's hearing, one of Al Boom's advocates Hassan Juma Al Raisi asked Presiding Judge Al Farra to know from the special judicial committee the number of victims who approached the committee claiming back their embezzled funds, and the total amount of money claimed.
The court reconvenes on June 27 after it addresses the judicial committee regarding this. The judge rejected Al Raisi's request for bail to his client.
Misdemeanor Court's Presiding Judge Al Saeed Mohammad Barghout said as per article 91 of the Federal Penal Law "Al Boom will not spend more than ten years in jail".
Article 91 stipulates that a suspect who is convicted on several related crimes and is convicted by the Misdemeanor Court, then the suspect won't be jailed for more than a maximum of ten years.
If the suspect was convicted by the Courts of Misdemeanors and First Instance, concurrently, then the accused does not spend more than 20 years in jail.
Al Boom pleaded not guilty and denied the charge of running a bogus investment portfolio, breach of trust, defrauding and swindling 3,706 investors out of around Dh900 million.
From / Gulf News