Riyadh-Amlak
The Ministry of Commerce and Industry stressed that companies that lure individuals to invest in the sale and manufacture of truck trailers, and inspire them with high profits, will be punished and deterrent regulations will be applied to protect consumers from fraudulent operations to which they may be exposed.
The ministry noted that different types of investments have also started to appear and appear very attractive to individuals, and that it will continue to pursue such types of investments. The Ministry's warning came after the Ministry of Commerce and Industry recently noticed the spread of companies claiming to manufacture and sell truck trailers, asking individuals to invest with them and then rent them from them for an attractive monthly amount, and actually provide them with that monthly amount for a few months until they can attract more victims, and then disappear. Yesterday, the Ministry of Commerce and Industry suspended the third company that works in the field of marketing fictitious investment in front of individuals, called «Bayutat» company, because of the temptation to invest in buying trucks and achieving high fictitious profits, as the company had previously marketed its project by asking them to invest 105 thousand riyals, in exchange for an annual return estimated at 144 thousand riyals (12 thousand riyals). It is worth mentioning that about a year ago, the Ministry of Commerce and Industry stopped a contracting organization that defrauds citizens by selling fictitious contracts to manufacture truck bodies «surfaces» for 75 thousand riyals in exchange for manufacturing truck trailers (Tidrat), and then provides him with a check of 60 thousand as a guarantee - often without balance - and contracts with him to rent the trailer at 4 thousand riyals per month to rent it with other companies, and this is done without the citizen receiving or seeing the trailer that was made for him. The suspension of this establishment came after the ministry received several reports stating that the establishment was engaged in unauthorized activity and that citizens had received checks written by the establishment without balance.