Dubai: An executive banker Monday confessed that he took advantage of his position in a public bank to embezzle Dh2.6 million using forged electronic money transfer transactions.

"Yes I embezzled the money and forged the bank's electronic transactions… but I have returned the money to the bank," the 28-year-old Indian executive banker said when he pleaded guilty before the Dubai Court of First Instance.

Prosecutors charged 28-year-old R.A., the bank's executive director, of committing the forgery and embezzlement of public funds between August 2007 and September 2010.

According to the charge sheet, he created bogus transactions and issued electronic orders via the bank's e-system) to wire money from the bank to phony accounts he had created for the purpose of embezzlement.

"Sir I am guilty. I committed the crime but I have returned the money and would like to seek forgiveness and leniency," contended R.A. in courtroom four.

When asked by Presiding Judge Jasem Mohammad Al Beloushi whether he had any proof that he returned the money, the suspect produced a document confirming that he deposited the embezzled amount in the bank.

The bank's Emirati deputy director testified that the suspect was in charge of the branch's client services and the customers who wanted to transfer their funds overseas.

"He misused his position and embezzled Dh2.6 million… the amounts were fees that should have been earned by the bank. The defendant used to order bank employees to deduct the fees from the clients' accounts and deposit them in what is known as the mediator's account of the bank," the deputy director claimed to prosecutors.

"Thereafter he would give the transactions new names [ordinary money-transfer transactions] and order his employees to transfer the money to phony accounts which he had access to.

"Then he would terminate the transactions and documents in order not to get caught. The suspect used inexperienced employees so he wouldn't get exposed. He would then withdraw the money from those phony accounts in through cheques or ATMs,"

The verdict will be heard soon.