More than 40 arrests have been made in connection with a car scam worth Dh1.3 billion, which affected more than 3,700 people, police say.
The arrests came after a six-month investigation into fraud after more than 400 investors complained to Abu Dhabi Police in five days.
The three people who managed the scam hoped to make sizeable returns from selling cars on credit, although police would not reveal how the fraud worked.
A total of Dh53 million in cash was seized from the gang members’ homes and at car showrooms they owned. Another Dh100m in their bank accounts was frozen, police said.
Maj Gen Maktoum Al Sharifi, director general of Abu Dhabi Police, said investors were promised a 100 per cent return on their money, before this changed to 70 per cent.
Brig Gen Rashid Bursheed, director of CID, said the 43 people were arrested on charges of fraud, practising various professions without a licence and under suspicion of money laundering.
One of the accused admitted to being part of an unlicensed investment business with fraudulent intentions, he said.
Brig Gen Bursheed said 423 vehicles were seized in 16 showrooms and 3,700 cheques were seized.
He said anyone who thought they might have been conned in the scam should go to police, who were still investigating the matter.

Source: The National