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Fraud Schemes Flourish in Bahrain, Linked to Royal Family

A decade-long investigation has revealed that fraudulent schemes have been thriving in Bahrain, with ties to the country’s powerful royal family.

The Mastermind Behind the Scheme

At the center of this scandal is Ahsan Ali Syed, a businessman who has been on the run since 2012. Syed was the founder of Western Gulf Advisory (WGA), an investment firm that promised lucrative loans to clients from around the world.

The Scheme Unfolds

However, it has emerged that many of these clients were duped into paying advance fees, only to never receive the promised loans. Prosecutors in Zurich estimate the damage to be in the double-digit millions. Syed’s scheme was sophisticated, with a carefully crafted image as a wealthy businessman and horse lover.

The Royal Connection

But what makes this case particularly egregious is the apparent involvement of Bahrain’s royal family. Sheikh Salman, the head of the Bahraini football association, publicly took Syed’s side in 2012, praising WGA as “fully trustworthy” and expressing a desire to expand their partnership. This support came despite the fact that creditors had already filed claims against Syed in local courts.

The Impact on Victims

One of Syed’s closest associates was Australian entrepreneur Keith Johnson, who lost hope of recovering his funds from Bahrain after being awarded a settlement only for the government to prevent him from taking the money out of the country. This lack of scrutiny allowed these fraudulent schemes to flourish, and it is unclear whether Ali Syed is still hiding in Bahrain.

The Investigation

This investigation was conducted by CORRECTIV and Der Beobachter, revealing the shocking extent to which fraud has been enabled by Bahrain’s powerful royal family.

Key Findings:

• Ahsan Ali Syed, founder of Western Gulf Advisory (WGA), is on the run since 2012.
• WGA promised lucrative loans to clients from around the world, but many were duped into paying advance fees with no return on investment.
• Prosecutors in Zurich estimate the damage to be in the double-digit millions.
• Sheikh Salman, head of the Bahraini football association, publicly supported Syed’s company despite creditors’ claims against him.
• The Al-Khalifa family controls sports in Bahrain, and its members have been accused of enabling fraudulent activities.

Conclusion:

The investigation into Ahsan Ali Syed’s fraudulent schemes has revealed a shocking web of corruption involving Bahrain’s royal family. As the country struggles to address these allegations, it is crucial that international journalists and authorities work together to bring those responsible to justice and prevent similar schemes from flourishing in the future.