On October 30, a Dubai court delivered the guilty verdict against the Dubai-raised Pakistani businessman, who was arrested in April this year after his Ponzi-like investment scheme collapsed spectacularly and left behind a long trail of devastated investors. MMA betrayed our trust. It will bring closure to the trauma we have gone through in the past few weeks. He said he is disappointed but not disheartened. On its part, the MMA Group tried to play down the verdict. On Monday, it sent en masse SMSes to investors saying the judgment is one-sided and that it will appeal against it in a higher court.
But his official Facebook page toed a different line. You better start counting your good days because they will be over once my investigation is done. So, let the time come you all will have to pay for all the bad things you planned for me. I will not let you destroy me or my business anymore. But like any other outwardly viable but untenable model, the Ponzi-type scheme looked good till it lasted.
Before long, scores of investors trooped to Al Ghusais police station demanding MMA return their money. Initially, MMA tried to allay the fears of panicky investors by claiming they would pay everyone as they were a conglomerate that ran an airline, a bank and other businesses.
We revealed that MMA Airline exists only on paper and has no licence to operate commercial flights. Claims that it is registered with VG Bank Investment Bank AG also proved hollow as the German firm categorically denied having any relationship with them. Enter a valid phone number. Please login first to post a comment. I acknowledged and accepted gulfnews. He should not be released from the Jail till all those monies are brought back here and distributed to the cheated investors.
This will be a lesson for all those fraudsters or people who plan tocommit such ponzi schemes. There are many people like this MMA boss who run ponzi schemes and this MMA was also blacklisted by many western n european companies Lenient punishment for hustling hundreds of hard working people for thousands of Dirhams. So what will be the bottom line for those who invested with MMA please advice us what we have to do as we had invested with MMA a huge amount. I think this verdict is only in two cases, and there are still more than cases remaining, we wish all his life will be behind bars, as he destroyed a lot of lives..
Well, 2 year for around 40 million AED. Thats very nice to hear about this fraud person, but still clients are getting sms with the words you will receive the money as soon as investigation will be over I wish if his assets could be confiscated and people who have lost money in this Ponzi-scheme are paid some compensation.
Load more I wish if his assets could be confiscated and people who have lost money in this Ponzi-scheme are paid some compensation. Normally all these fraudsters divert all the funds collected to some other place. Load more More from Crime Farm worker killed, buried in a deep hole Revised fees for UAE work permits.
Yemen's Saleh killed by Al Houthi militia. UAE denies Al Houthis' missile launch claims. UAE expat scoops Dh5 million jackpot. Yemen's Saleh predicted his killing. Dubai-bound Emirates flight diverted to Kuwait.
Discounted payments by Tuesday. Please upgrade your browser. Subscribe Gulf News Subscribe Now. Inside Out Subscribe Now. Jobs Autos Properties Classifieds. This field is required. Enter a valid email ID. He needs to stay in jail until all his possessions are auctioned to pay the people. More from Crime Farm worker killed, buried in a deep hole Latest Comment Normally all these fraudsters divert all the funds collected to some other place.
Also In Crime Farm worker killed, buried in a deep hole. Can UAE residents cut out plastic use?More...