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We’ve heard some seriously audacious stories in our time in Dubai, but this might be the biggest yet as two men are standing trial after setting up a ‘fake oil refinery’ to scam AED220 million.

The two men are reported to have bought a bankrupt computer training company, re-named it as an oil refinery and told investors in India it was a German oil refinery.

They then used their stock market expertise to sell shares in their fake oil refinery. This included creating a forged list of investor names to help tempt real buyers at double the price.

There was no real oil refinery, no capital and no real investors according to the prosecution, just a bank loan from Portugal.

In total, the duo managed to steal AED220 million which was then split between themselves and four other companies.

The pair are currently on trial at the Dubai Court of First Instance.

Just remember kids, crime doesn’t pay! And especially when you try to set up your own fake oil refinery.

Stay up to date with the latest news from across the region with our DubaiLAD page here.

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