DUBAI // The trial of Abed al Boom, the developer accused of defrauding investors of almost Dh1 billion, was adjourned yesterday until the liquidation of his assets is complete and it is known how much money it raised. Mr al Boom, 41, and seven other suspects were arrested last year for allegedly defrauding up to 3,700 depositors of Dh960 million (US$261m). They are charged with issuing fraudulent cheques, swindling and breach of trust.
Last month, the Dubai Misdemeanour Court of First Instance ordered the Public Prosecutor's office to report on the progress of the liquidation. A Public Prosecution official close to the investigation told The National that determining the results of the liquidation was expected to take a long time but would not be more specific. Mr al Boom and his associates - his brother KB, and a fellow Emirati, ARB, 49, along with Malawian MM, 55, Somali administrators ZH, 40, AH and ZY, both 36, and Egyptian accountant ME, 27 - were granted bail last month after their lawyers argued that there was no legal reason for them to remain in custody.
The court granted bail on condition that Mr al Boom turn over his passport and, as an additional guarantee, the passports of his wife and his adult children, along with the passports of five other unidentified Emiratis. He was also told that he would be fined Dh500,000 each time he failed to appear in court without a valid reason. All of Mr al Boom's fellow defendants were ordered to surrender their passports. Each faces a fine of Dh100,000 if they fail to appear in court.
Mr al Boom's charge sheet alone runs to approximately 1,500 pages. The prosecution case file contains more than 32,500 pages of depositions and other evidence. Presiding Judge El Saeed Bargouth adjourned the case until October 6. newsdesk@thenational.ae