Tyre Citizens Lose Eight Mn. Dollars to Fraud

Several investors in the southern city of Tyre have reportedly become victims of embezzlement, radio Voice of Lebanon said on Thursday.

"Saleh Basma and Chawqy Arab pretended to be businessmen and cheated their victims into depositing $8 million,” VDL explained, adding that the depositors thought their money will be invested.

The two thieves have reportedly fled the country around a week ago.

In 2009, Lebanese authorities charged the 47-year-old mogul Salah Ezzedine and his business partner, Youssef Faour, with fraud, embezzlement, distributing bounced cheques and violating Lebanese fiscal law.

Ezzedine, who allegedly had ties with Hizbullah, has squandered more than one billion dollars (688 million euros) of his clients' money, mainly Shiites from southern Lebanon.

Hizbullah leader Sayyed Hassan Nasrallah insisted at the time that Ezzedine is not linked to the group but acknowledged that some party officials had invested money with him.

Copyright © 2012 All Rights Reserved.