Thousands of shareholders were exposed to a new scam carried out by a development institution run by prominent leaders of the Houthi militia in Sanaa.

A number of citizens complained that the so-called Yemen Thabat Development Foundation (Houthi Foundation), which is run by the leader Ahmed Al-Razhi and others, collected large sums of money from about 8,000 shareholders under the name of investing in multiple stocks, most notably the “Diamond Stock.”

The Foundation collected huge sums of money from shareholders, including militia members, some of whom sold their savings to invest them over a period of three years.

The Houthi Thabat Yemen Foundation took advantage of the current situation during the war years to collect huge funds from merchants, financiers, businessmen, and citizens, claiming that it supports Iranian-backed militia fighters stationed on the front lines. However, after three years of investment, no profits were delivered to shareholders, and the corporation refused to return their capital, which sparked their discontent and dissatisfaction.

The shareholders demanded justice and the return of their money, in the absence of any legal action to hold accountable those involved in this scam, put an end to these practices, and protect the rights of citizens.

Observers said that the operation was a similar fraud that the country had witnessed before, namely the case of the fictitious Sultana Palace Company, which was managed by Balqis Al-Haddad, which was linked to Houthi leaders, and which also resulted in the plundering of 27 billion and 729 million riyals from shareholders.

They believe that this incident reflects the extent of the financial corruption that the areas under the control of the Houthi militia suffer from and its systematic policy of impoverishing the population, as Houthi leaders and figures loyal to them continue to exploit the difficult economic conditions of the citizens and plunder their money under the auspices of the militia government and achieve material gains at their expense and double their suffering.

Source/Khabar Agency