Number plate buyer arrested for fraud
The man who outbid the competition to land the Abu Dhabi 1 number plate for Dhs31 million has been arrested for issuing a bounced cheque. Abu Dhabi Public Prosecution said it had ordered for the detention of AM, 32, for seven days, after auction organisers filed a complaint that he issued them a cheque, but didn’t have enough money in his bank to cover the whopping fee. Prosecutors said the UAE national has been detained on behalf of Abu Dhabi Public Funds while they investigate him on initial charges of fraud and issuing a bounced cheque. Prosecutors said that during questioning, AM admitted to handing over the cheque knowing that he didn’t have the funds in the bank to clear the cheque. “He said he was planning to sell on the rare number plate at a profit so he can pay the value of the cheque to the organisers,” said a prosecutor. However, authorities said a person can only re-sell a number plate bought in an auction after they have paid the full amount and that any resale before making the payment is considered illegal. The auction on November 19 at Emirates Palace generated Dhs99 million.