The photo has been used for illustrative purposes.

Hamza M Sengendo, Staff Reporter

A businessman hoodwinked an investor into pumping Dhs120, 000 into a ghost petroleum company. He will spend one year in jail.

The Arab businessman, 36, committed forgery on the copy of a trade licence to make a trade licence of a petroleum products company. He attributed the bogus licence to a department of economic development in Dubai.

He Whatsapped the licence’s copy to an Emirati investor, 49, to convince him the said company existed. The investor paid the money to renew the licence with the prospect of selling the company and bagging proceeds.

The defendant skipped court questioning on May 14. The Dubai Criminal Court has sentenced him to one year behind bars to be followed by deportation. It has also ordered the counterfeit document be confiscated.

In prosecution records, the investor narrated that he was surfing the internet when he stumbled on an ad on a classifieds website that an investor was required to finance procedures of renewing the company’s trade licence.

The ad showed the company would be resold at a higher price so that the financier benefits from the difference.

 “I contacted the provided number. The defendant answered the call and deceived me that the ad was authentic.

“He told me he was the petroleum products company owner. We agreed that he would give me Dhs370, 000 after selling the company provided I arranged fees for renewing its expired trade licence,” explained the investor.

In the course of events, the defendant sent a copy of the alleged company’s trade licence via Whatsapp to convince the investor the company existed. The investor arranged and handed him the required fees worth Dhs120, 000.

The defendant issued him a receipt. Time passed without anything taking place. The investor contacted to ask him about the progress of the deal. He declined to respond to phone calls. The investor reported the matter to Al Barsha Police Station.