Tamweel's former CEO Adel Al Shirawi faces investigation for fraud

Dubai: Tamweel PJSC's former chief executive officer Adel Al Shirawi is under investigation by the Dubai public prosecution's office for alleged financial wrongdoing, a Dubai police official said.

Al Shirawi is being investigated for alleged embezzlement and mistrust while employed by the UAE's biggest mortgage provider, Saleh Hamed, head of Bur Dubai police, said in a telephone interview on Thursday.

The Dubai police have referred the case to the emirate's public prosecution office, he said.

Al Shirawi was arrested on Aug. 5 as part of the investigation, Zawya Dow Jones reported, citing an unidentified Dubai police official.

Baqir Abdulwahid, head of public relations at the public prosecution office, declined to comment when called by Bloomberg.

Al Shirawi, who stepped down as head of Tamweel in January and is currently vice chairman of Dubai's state-owned Istithmar World PJSC, didn't answer his mobile phone when called by Bloomberg. Tamweel officials declined to comment when called by Bloomberg on Thursday.

Tamweel closed today 5.7 per cent lower at 6.11 dirhams. Its shares are down 26 per cent since July 23 after rumors of an investigation into the company began.

Telephone receptionists at Istithmar World, a Dubai government-owned investment company that manages more than $10 billion, were unable to find a company spokesman to comment when called by Bloomberg on Thursday.