MCI halted the third fake company investing in the manufacture and sale of trailers and deceiving the investors
MCI confirms that the companies which entice individuals to invest in the sale and manufacture of trailers, and delude them with high profits, will fall under pain of punishment, and deterrent procedures will be applied against them to protect the consumers from scams and frauds.
MCI pointed out that different types of investments have appeared recently. Seemingly, they are very attractive to the individuals but actually they are not, MCI will continue to pursue these types of illusory investments.
The warning of MCI came after the Ministry had noticed recently the spread of companies claim to manufacture and sell trailers and request the individuals to invest with them and then leased these trailers from them against an attractive monthly amount, and actually give that monthly amount for a few months so that they can attract more victims , and then disappear .
MCI had halted yesterday, the third company that is engaged in illusory investment for individuals, the 3rd company is called " Buyutat " because of illusory investment in trucks and making high and fake profits. The company asked the people to invest in a project by paying SR (105) thousand riyals, against an annual profit of (144) thousand riyals.
It is worth mentioning that MCI had already halted a year ago a Contracting Est. defrauding the citizens through fake contracts of manufacturing structures of trucks against SR 75 thousand riyals and then manufacturing trailers, and then give them a check of SR 60 thousand as warranty - often without balance - and contracted with him to rent the trailer for SR 4 thousand riyals per month and then re- rent it again with other companies, and this is done without allowing the citizen to see or take over the trailer that is made for him .
The said Est. was shut down after MCI had received several reports indicating that the Est. was engaged in unauthorized activity and that the citizens had received checks without balance.
Last month, MCI halted as well Orab Al Mada`in Est. which also promotes illusory investment with high profits for individuals.
MCI has warned on several occasions to avoid getting involved in dealing with these fake and illusory companies, or falling into the temptation trap of high profits, MCI called on all citizens to report on such companies and to preserve the gains of the National Economy.