Ayman shape
A group of investors in a licensed collective financing platform received letters confirming that they may lose their investments that they put in declared projects, and all the letters came under the title of one “notice of misuse of funds”, confirming to them that they face a high risk that may lead to a “total loss”.
One of the investors told «Al -Watan», “I investigated my money in 3 projects on that platform after it was confirmed that it was licensed by the Central Bank of Bahrain, and the declared profits to participate in these projects were not exaggerated as the other fake platforms do, and that the Chairman of the Board of Directors is a well -known figure in Bahrain and reliable, which made me trust in them and pump my savings in the three projects.”
Features with poor use of money
He added: «I was surprised by three notifications and I received from the company in the same formula with a change of the project number, all of which carried the following address: Subject: A notice of misuse of funds, with a small sub -address (without prejudice to rights).
He added that the notification included that “after an internal and external investigation by the auditors, it was concluded that the money for this deal was not used for the designated purpose. The occurrence of a misuse of these funds has been determined, and appropriate measures are currently being taken in cooperation with the relevant authorities to assess the situation and determine the following steps.
He added that the notice also stated: “We inform you that your investment in this deal faces a high risk that may lead to a total loss, given the danger and nature of this illegal behavior. We are fully aware of the gravity of this matter, and we respect your full right to take what you see appropriate at this stage.
The executive management of the deals and the board of directors affirms their full commitment to complete transparency, disclosure, and cooperation with the supervisory authorities. We will continue to work closely with the competent authorities, while keeping all affected investors to know any fundamental developments. We assure you that your interests remain at the top of our priorities. ”
The investor indicated that he is one of a large group that invested in those projects after they announced earlier the profits of investors in previous projects and the recovery of their money, but the shock was that it was not the only project that was exposed to this fraud.
The investor pointed out that the platform was able to collect amounts of more than one million dinars from investors in several projects, and said: “We contacted the Chairman of the Board of Directors of the platform and the main official in it, which are two well -known personalities and a subject of confidence in Bahraini society, and we only obtained reassurances and hints to the possibility of losing money, so we filed more than 20 days ago with communications to the Central Bank of Bahrain, and until today we have not received a response.”
Vasive responses and change in policies
In turn, Bahraini confirmed that she is an old investor in the platform, and she was documented on her license from the Central Bank of Bahrain, but it was noted in recent months the delay in investor dues and lack of clarification by them what are the causes of stumbling and delay, which caused tension and anxiety for investors, for fear of losing their money, and when the response was contacted, the response was “following the topic” only without any other details.
She added: «In the second deal that was late, the response to me was that there is no delay or problem, and the amount will be worth the amount within 5 days, but it did not happen, so I went back to communicate with them again, so the response was only,” The topic is followed. “
She pointed out that the platform changed its policy two weeks ago, and they abandoned the investors, while the previous policy confirmed that they are responsible for not paying the merchant to the investor, and there is no reason and update for the reasons for delaying and stumbling in the deals. She said: «I took the number of the late investor to pay, and after communicating with him he stated that he was going through circumstances, and he could not pay the platform, while the second investor promised to pay soon without setting an appointment, knowing that they are late to pay without clarification from the platform.
The platform has been suspended since January
One of the investors said that the platform had stopped since last January from announcing new deals, by order of the Central Bank of Bahrain, while its site confirmed this as it was the last deal on January 19, 2025, and the site of the platform licensed by the Central Bank of Bahrain since September 2022 puts a declaration of stipulating: “We are investing your money in carefully studied projects, where the risks are reduced to the maximum extent possible, and in partnership with the most reliable companies. In the event of any defect from the merchant’s side, the platform is committed to returning your capital, “in the event that any violation or negligence is proven by the platform.”
The platform also announces on its website that the number of investors has reached 780 investors in 8467 investment projects, while another investor confirmed that he invested more than 40 thousand dinars, with the platform as it works with a group financing system, while his friend deposited an amount of more than 8 thousand dinars, and it was supposed to recover the amounts and profits 3 months ago, but to no avail except to delay.
“Grand Mufti”: The official bears the loss
Another investor said: “We asked the sheikh who issued the fatwa to them that the platform is compatible with Islamic law, and who replied: With regard to the legal aspect, the mechanism for implementing the investment is fully consistent with the provisions of Islamic Sharia and as an independent legal advisor, I see through the circular that the investment was not done according to the required legally, and if a loss is achieved, the investor does not bear it; Because his money is misused, and it was not employed in the deals chosen by the investor with all transparency and independence, the investor has the full right to restore his capital without any shortage.
As for the legitimate point of view, the investment agent, if he violated or shortened in implementing what is entrusted to him, thus bearing the loss while he is obligated to compensate the investor and returns his capital, and the investor must resort to the competent and responsible authorities and the competent courts to demand the return of rights to investors ».
The topic is difficult .. but
Al -Watan contacted the chairman of the platform’s board of directors, who refused to comment on the notification, as she tried to communicate with the CEO, but he did not respond to the inquiry, while one of the investors explained that the Chairman of the Board of Directors had assured him that officials are working very hard to solve the problem, but he added that “the issue is very difficult” but they have a great hope to restore the entire investor’s money, and this may take time that may be more long than necessary, and there is no time To retrieve money from troubled companies.
