The defendants, eight of whom were caught with the help of Interpol, have been charged with fraud and money laundering.
The ongoing trial was adjourned on Tuesday until 17 September when the defence witnesses will speak, reports local newspaper Gulf News.
Car sales scam
The, mostly Emirati, men are accused of running an investment scam that was disguised as a car trading business that encouraged customers to investment money via four funds.
Prosecutor Hassan Al Hammadi said that the scheme worked in two parts. The men would buy second-hand cars using post-dated cheques. They would then sell them to other victims but not deliver them.
The money from the sale would be used to pay back previous investors.
Returns of between 70-100% were promised.
Police began investigating the scam over a year ago after receiving more than 400 complaints from investors over the course of five days.
Charges denied
The defendants denied the charges and have pleaded not guilty. The three masterminds behind the fraud and one person referred to as an “agent” were remanded in custody, while 47 other defendants were released on bail ahead of the trial.
One trial witness said the main defendant, who started his business in December 2016, owned a car showroom and collected money from people for investment in return for 80% profit within four to six months.
Extent of the fraud
The men were arrested in June on charges of scamming AED1.3bn from 3,700 people.
Abu Dhabi attorney general, Ali Al Balushi, later said that the number of complaints received was 1,909 with total deposits being AED800m (£165m, $218m, €182m).
Prosecutors told the court on Tuesday that almost 2,000 people have come forward with financial claims of up to AED310m.
