The General Court of one of the regions obliged a woman to return a million riyals to a person who sued her after transferring the amount to her account, after receiving calls from a person who claimed to own an investment company in the field of forex and bitcoin, which has licenses to practice activity from the European Union, and that the company is represented by a،

He provided supporting documents for his claims, and asked the citizen to transfer the funds to be invested in, to the account of the institution representing his activity, to complete the investment procedures, and he was also provided with a link to a fake investment site, through which the citizen could see the movements of his funds, market indicators and the total profit achieved, and after he was convinced, he transferred the amount of “200,000” two hundred thousand Saudi riyals, to the institution representing the investment company, then the local company returned to contact him to request an increase in his capital, so that profits would be increased, and after several months the amount reached to “1.000.000” one million Saudi riyals and after he transferred the entire amount, and did not see any change in the location, he contacted the company and its representative, and they did not respond For any of his contacts, from which it became clear to him that he was the victim of a scam

Trial proceedings

The Citizen filed a complaint before the police station, presenting his evidence.the complaint was referred to the Public Prosecution, which summoned the owner of the institution registered in Saudi Arabia for investigation. after the completion of the investigation, it turned out that the institution was licensed to practice commercial services only, and there is no legal status for it to represent an investment company or practice any investment activity. an order was issued to preserve the public right from the public prosecution, and the plaintiff filed a lawsuit before the public court to claim his own right.

Judgment of the court of First Instance

The plaintiff filed a lawsuit before the General Court against the owner of the institution, demanding the return of his stolen money, and after the plaintiff provided the bank transfers and evidence of the validity of his claim, the owner of the institution denied what the plaintiff said, and made unfounded allegations, namely that the plaintiff transferred the amounts to her for the purpose of buying products from one million Saudi riyals for the plaintiff.

Support of the appeal

The defendant, the owner of the establishment, filed her objection to the primary judgment before the court of Appeal, and after the court of Appeal was informed of the objection filed, the ruling issued by the court of First Instance was upheld

Legal opinion

The law defines fraud as “evasion and carrying out false pretentious acts, reinforced by external manifestations practiced by the fraudster in order to seize the individual’s money,” and we see among the means of fraudsters in the investment activity, claiming to be licensed entities and providing false evidence to confirm their claims, creating a fictitious investment site, false promise to get rich quick, exploiting religious values others to delude themselves of their integrity by sending duas and mentions to Allah Almighty, speaking in the same tone as the fraudster, and all of them are means aimed at Therefore, the Saudi central bank was keen to educate individuals and immunize them from the ambitions of fraudulent groups, which take advantage of the lack of financial and technical awareness among individuals.the financial fraud and dishonesty control system also stipulated that anyone who seized money from others illegally, using any of the fraud methods, and anyone who helped in the seizure is punished with imprisonment for a period not exceeding seven years, and a fine not exceeding five million riyals, or one of these two penalties.

To prevent fraud, we recommend that the individual not deal with any unlicensed entity, protect computers from hacking, not disclose financial data, and inform the bank immediately when exposed to fraud to take the necessary measures.

  • The scam began with the lure of investment, quick profit, and the presence of a Saudi intermediary company
  • After transferring 200 thousand riyals, the intermediary company convinced the investor to increase the amount to one million riyals
  • As soon as the million was transferred, communication with the victim stopped, and no movement appeared on the fake site of the shares
  • The victim filed a complaint with the court, which ordered the official of the intermediary company to refund the million riyals

Jeddah: Najla Al-Harbi – Origin

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