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Director of QDP, Arrested for Fraud.

The Director and a managing partner of QDP,  Mahmood Yasir have been arrested on Qatar charges that he defrauded their investors, including the Qatar Investment Funds.

Mr Yasir maintains his innocence, and he fully expects to be cleared of any charges. For almost a year since the commencement of the provisional liquidations, he has been working tirelessly to maximize returns for QDP creditors.

Mr Yasir will appear at Qatar Criminal Court hearing and expected to plead not guilty to securities fraud, wire fraud and conspiracy charges. His lawyer, Mr Al-Nader, will not request bail, saying he needed more time to become familiar with the case.

Mr Yasir misappropriated money from the health fund and assets with corporate funds of Qatar Development Projects Ltd and its partner company, and used it for purposes unrelated to the health fund.

However, CEOs are not stealing directly from their companies. Instead, they are trying to ensure the safety of their jobs by promoting the appearance of success of their companies through fraud, false accounting and bribery, had grossly misrepresented the financial status of QDP.

Mr Yasir lied about the performance of QDP funds, inflating their value and caused at least hundreds of millions of investor funds to be misappropriated, either to disguise liquidity shortfalls or for their personal benefit or that of their associates

In truth, Mr Yasir was engaged in a massive fraud.

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Salman Ahmad Siddiqui founded SpotHerld with an aim to provide the public with timely and unbiased news, presenting each story from a distinct perspective tailored by our team. As a skilled journalist, I boast a distinguished portfolio and excel in content analysis and research. Salman, a proficient and knowledgeable individual in the business industry, also contributes valuable insights to Tech section on the website. You may reach us at- spotherldeditorialteam@gmail.com

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