Abu Dhabi: A bogus multi-million dirham investment portfolio involving 1,300 investors, who were defrauded of their life savings, was uncovered in Abu Dhabi, police said on Wednesday.
An Emirati, S.A., sponsored a Sudanese, A.H., who reportedly duped 1,300 investors of Dh320 million, according to Colonel Maktoum Al Sharifi, director of the CID department.

“The accused claimed they were managing an Islamic portfolio that is based on the principle of Murabaha, where they share profits or losses with investors, who signed contracts preventing them from claiming their money in the case of losses,” Al Sharifi said.

The accused promised their victims of 40 per cent monthly profits of their deposits, he added, adding Murabaha does not justify except partial losses of deposits  but not all the deposits as claimed by the suspects.   

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