Manager to serve two years in jail and pay Dh450,000 for accepting bribe

Dubai A general accountant of a local money exchange house was ordered to serve two years in jail for accepting bribes worth a total of Dh450,000 and dinner invitations in kickbacks to conceal fraudulent money transfer activities worth Dh23 million.

The Dubai Court of First Instance convicted the accused, 37-year-old A.S,, an Indian, for abusing his position and accepting benefits in cash and services. The court said the accused accepted clothes and a mobile phone to cover up for the bogus money transfer activities.

“The accused has been fined Dh450,000. He will be deported following the completion of his punishment,” said Presiding Judge Hamad Abdul Latif Abdul Jawad in courtroom seven on Thursday.

Prosecutors said the defendant abused his authority to access the electronic system and prepared unsubstantiated financial reports in which it was claimed that the cash had been deposited in the house’s bank account.

According to court records, an Indian suspect, A.M. [who remains at large], is the main culprit in the case. A.M. represented a company that dealt with the money exchange before he siphoned off Dh23 million and fled the country.

Prosecutors said A.S. committed electronic forgery to cover up the bogus money transfers of A.M.

“No, Sir, I did not take any bribes or forge any documents. I am innocent,” said A.S. when he defended himself in court.

A.S. was in charge of preparing financial, according to prosecution records, and auditing reports of cash deposits in the bank accounts.

The money exchange’s Emirati manager testified that A.M. was supposed to deposit cash in the exchange’s accounts before getting the required approval to transfer the money to any other party.

“However, we discovered that A.S. repeatedly approved fraudulent money transfer activities [from the exchange house to A.M.’s company] although he was aware that the money had not been deposited for real.”

The manager said A.M. conducted bogus money transfers to the tune of Dh23 million and A.S. collected kickbacks to cover up A.M.’s fraudulent transactions between August 2008 and September 2009.

Thursday’s judgement remains subject to appeal within 15 days.