KD 25,000 Investment Scam: Jordanian Held for Defrauding 3 Kuwaitis

KUWAIT CITY, Sep 7: What began as a promise of investment profits ended with three citizens, including a woman, allegedly losing around KD 25,000 after entrusting their money to a Jordanian expatriate who claimed he could invest and trade the funds on the global stock market.

According to security sources, the Jordanian man, in his 40s, allegedly received the money from the three victims on the pretext of investing it through the global stock exchange, relying on his claimed experience in the field. The victims later went successively to Al-Salhiya Police Station and reported that they had handed over various sums of money to the suspect for investment. They also provided documents and evidence confirming that he had received the funds.

The complaints were referred to the Criminal Investigation Department, which launched the necessary investigations and gathered information confirming the suspect’s alleged involvement. He was subsequently arrested and questioned over the transactions.

During interrogation, the suspect reportedly confessed to receiving the money for investment purposes, but claimed that he had suffered losses as a result of fluctuations in stock prices. He allegedly told investigators that he had been attempting for several months to recover the losses and return the depositors’ money, but was unable to do so.

The case, however, went beyond investment losses. The suspect was accused of fraud and deception, as well as managing an investment activity without a legal basis or the required license from the competent authorities.

Following completion of the investigation, the accused was referred to the Public Prosecution, which ordered his detention and placement in the Central Prison pending his appearance before the judiciary.

The case serves as another warning to individuals tempted by investment promises based on personal claims of expertise, particularly when money is handed over for trading or investment without verifying the legal status and licensing of the person handling the funds.