More than 50 people who were arrested in connection with a car scam worth Dh2.3 billion, and which affected more than 3,700 people, have been referred to court.

Abu Dhabi's Attorney General, Ali Mohammed Abdulla Al Baloushi, said on Tuesday that 54 people have been sent to the criminal court on charges of fraud, money laundering and practicing various professions without a licence.

Abu Dhabi Police arrested the gang member in March 2017 after a six-month investigation into fraud after more than 400 investors complained to them in five days.

The main defendants in the case are Emiratis while others are of various other nationalities, according to police.

Some of the accused were working as agents of the main defendants.

Police said the three people who managed the scam disguised as car dealers and hoped to make sizeable returns from selling cars on credit.

Prosecutors said a total of Dh53 million in cash was seized from the men's homes and at car showrooms they owned.

"Another Dh100m in their bank accounts was frozen," said prosecutors.

Officers said the fraudsters promised the investors a 100 per cent return on their money, before this changed to between 70 and 80 per cent.

One of the accused had admitted to authorities that he was part of an unlicensed investment business with fraudulent intentions.

Prosecutors said 423 vehicles were seized in 16 showrooms and 3,700 cheques were seized.

Investigations showed that the gang lured customers to buy cars from them and later they would encourage them to sell the cars through them at a higher price by offering them big profits.

The accused allegedly issued post-dated cheques to the investors. Those people who joined invested first received the promised profit, which encouraged others to join the scheme that went on for a few years, according to authorities.

Investigations also revealed that the defendants later took possession of all the inventors' money.

They used part of the cash to buy luxury cars and special car numbers.

"Many of the accused also purchased properties and shares. One of the men bought a camel worth Dh10 million," said prosecutors.

The UAE Penal Code punishes those convicted of fraud with up to three years in jail, while money-laundering is punishable by imprisonment for up to ten years.

The Attorney General has praised all security organs for their brilliant work and efforts in investigating such a big case and arresting all the men involved in the case.

Source: .khaleej Times