UAE | Crime
Court clears Arab-African Bank of role in Dh111m swindling case
A court has cleared the Arab-African Bank of any involvement in a swindling case in which another bank's former accounts manager has been jailed.
- By Bassam Za'za' , Senior Reporter
- Published: 23:53 June 17, 2008
Dubai: A court has cleared the Arab-African Bank of any involvement in a swindling case in which another bank's former accounts manager has been jailed.
The Dubai Court of Appeal overturned the initial ruling, a Dh30,000 fine, and acquitted the Arab-African Bank of aiding and abetting the Emirati former accounts manager of misappropriating nearly Dh111 million over uncorroborated evidence.
The Appeals Court confirmed a seven-year imprisonment against the 43-year-old Emirati manager, M.S., and fined him Dh10 million. He was incriminated of conning more than 65 clients and misappropriating nearly Dh111 million.
The Arab-African Bank's legal representative Samir Ja'afar said his client didn't commit any wrongdoing and defended "the bank's management was not liable for M.S.'s criminal act hence they didn't aid or abet him".
The accused used the Arab-African bank for some of his bogus transactions.
The Appeals Court also dismissed the civil lawsuit lodged against the Arab-African Bank and referred the civil lawsuit lodged against the accused to the Civil Court.
The Public Prosecution charged the accused with duping 67 customers by forging their signatures or fingerprints on withdrawal and transfer bonds and pocketing a total of about Dh111 million.
The smallest amount he misappropriated was Dh20,000, and the largest was Dh16.7 million. Both victims were Emiratis.
The Arab-African Bank's management was reportedly charged with aiding and abetting. The accused denied duping the customers, forging their signatures or fingerprints and misappropriating the money.
The victimised bank's director of legal department reported to the police that they received complaints from customers saying their accounts had been manipulated.
The director said the accounts manager was the main suspect, who used to forge clients' signatures or fingerprints. He said the defendant breached the trust between him and the customers and fleeced the money.
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