Two men found guilty of deliberately defrauding investors of more than $36m through Palm Invest, a property development firm they established in Dubai, have each been jailed for three and a half years.

Dutchmen Danny Klomp and Remco Voortman convinced more than 400 people to put money into Palm Invest, which was advertised in glamorous television adverts, promising annual returns of nine percent. According to the firm’s website, investors were asked to make a minimum investment of $75,000 for properties on the Palm Jumeirah.