Dubai: The authorities' campaign against corruption continues with the case of seven suspects who reportedly swindled Dh1.8 billion from Dubai Islamic Bank (DIB) being referred to court, Gulf News learnt on Monday.
This is the biggest case, in terms of amount of financial
irregularities, and the third case of corruption that the Public Prosecution has referred to the Dubai Court of First Instance.
Gulf News earlier reported that the corruption cases involving Mizin and Sama Dubai had been referred to court.
According to the arraignment sheet, the Public Prosecution referred five businessmen and two former senior executives of DIB to court where they will be prosecuted on charges of swindling, forgery and bribery.
Fabricated documents The Public Prosecution charged three businessmen, a 36-year-old Turk (who is at large) A.I., 48-year-old British citizen C.M. and his 54-year-old compatriot R.L. with defrauding DIB of $501 million (Dh1.8 billion).
A.I. and C.M., who worked for one of DIB's business partners, reportedly collaborated with R.L. (who established a number of companies) and fabricated documents of bogus transactions (with the intention to con the bank), then submitted those documents to DIB to finance their projects, said the arraignment sheet.
The sheet mentioned that the ex-DIB Pakistani executives, 39-year old financing manager U.H. and his 50-year-old deputy R.U., assisted the businessmen by accepting their transactions and granting them more credit facilities to finance their projects.
The three businessmen were also charged with forging documents which they submitted to DIB. U.H. and R.U. were charged with reportedly abusing their duties in the bank and allegedly accepting $950,000 (Dh3.48 million) and $750,000 (Dh2.75 million) in bribes, respectively, added the charges' sheet.
The public prosecutor, who conducted the investigation, also charged the Pakistanis with aiding and abetting the businessmen.
A sixth American businessman Z.U. (who is at large) has been arraigned for reportedly defrauding DIB of $2 million (Dh7.34 million). He did it by means of establishing a
company and fabricating documents and bills related
to bogus transactions.
He then submitted them to the bank's business partner
as real deals which deceived the bank and caused it to hand in the swindled amount, according to the arraignment sheet. Z.U. has been additionally charged with forging documents and using them.
A 58-year-old British businessman, A.F., has been charged with aiding and abetting A.I., C.M. and R.L. Gulf News will refrain from naming the suspects in keeping with the media code of ethics.
A date for the first hearing will be scheduled soon.