UAE In The News |
| |
Abu Dhabi Economic Development Council calls for measures to streamline investments
|
The Abu Dhabi Economic Development Council has called for new but stringent measures to streamline local investments in a manner that would curb the operations and existence of bogus investment companies.
In a report released in Abu Dhabi yesterday, the council stressed the need for concerned authorities to create robust investment machinery so as to stop investors falling prey to investment rackets.
The report was prompted by a recent case unveiled by the Abu Dhabi police in which an "owner" of a non-existent investment company duped more than 2000 investors into putting their money to the supposedly lucrative investment wallet. The unlicensed "financial investment" saw the swindler collecting money from UAE nationals and expatriates, but was surprisingly paying profits of up to 70 per cent on regular basis to gain confidence of his victims and lure more investors. "With the volume of personal cash expanding, more and more people are angling for financial investment opportunities.
This desire is unfortunately exploited by unscrupulous individuals who masquerade as owners of investment wallets. Some people, unfortunately, are gullible enough to trust these schemes, especially in the absence of robust financial investment initiatives", said the report.
The report called for small financial investment initiatives as the only viable way for encouraging individuals to put their money in safer and profitable projects. – Emirates News Agency, WAM
|
|
|
|
©2007 UAE Embassy In Washington DC
