JEDDAH, 10 October 2004 — A Saudi Telecom employee has reportedly got away with SR300 million in one of the biggest fraud cases involving “shares” of SAWA cards.
Okaz reported that the employee managed to collect the sum from a large number of citizens two months ago. He specified the price of each share at SR8,500 and promised to distribute profits every Wednesday at an average of SR2,000. The profit distribution continued until last Wednesday when things went wrong with no trace of the so-called share broker. Worried shareholders called police who found no trace of the man. He is believed to have left the country with SR300 million.
The STC said it was not responsible for such malpractices. SAWA cards are sold through proper sales outlets at SR94 per card.
