Abu Dhabi: Seven people who are accused of attempting to withdraw Dh37 billion from the Central Bank using forged documents — claiming the money was a family investment, have been arrested.

Police arrested the seven-member gang for allegedly attempting to make fraudulent withdrawals worth 7.2 billion euros (Dh37.9 billion) from the UAE Central Bank, Abu Dhabi Police said in a statement on Saturday.

Bilateral coordination

Colonel Hammad Ahmad Al Hammadi, Director of Abu Dhabi Police's Criminal Investigation Department (CID) said the gang, comprising three Europeans and four Asians, was arrested by Abu Dhabi Police for their suspected involvement in a fraudulent scam to withdraw a huge amount of money from the Central Bank using forged documents.

"The suspects produced forged documents showing that the Central Bank owed a European bank the huge amount which they claim was in the form of family investments owned by their leader," Col Al Hammadi said in a press statement.

"The documents presented by the suspects were fake and meant for attempted fraud targeting the Central Bank", he added.

The arrests were the fruit of bilateral coordination between the police and the Central Bank's Anti-Money Laundering Unit. Investigations revealed that the documents had been forged to defraud the bank of Dh37.9 billion.

The European suspects, identified as HB, 38, who entered the country on a visit visa, FT, a 49-year-old visitor, and LMA, a 45-year old expatriate resident working as an electrical supervisor, presented fake bank documents to the bank, claiming that the European bank transferred Dh37.9 billion to the Central Bank in the name of an Asian man.

Lieutenant Colonel Dr Rashid Mohammad Bu Rasheed, Head of the CID's Organised Crime, said the Anti-Money Laundering Unit verified the documents and found out that they were forged and notified the CID about the results.

The CID arrested the three Europeans who blew the whistle on the remaining members, identified as MM, 63, who played the role of the gang's mastermind, AR, 44, QH, 48, and MH, 40, all Asian visitors.

The suspects were arrested and denied the charges of forging documents and attempted fraud, said Lt Col Bu Rasheed, who also noted that the suspects were exchanging accusations during the investigation.

Dr Bu Rasheed revealed that the gang's mastermind was penniless when he came to the UAE and his compatriot, QH, pledged to bear all his hotel and residence expenses until he got the claimed amount from the bank.

Dr Bu Rasheed also said that the mastermind claimed that he had an army of experienced lawyers from various nationalities standing by his side who work in the banking field. The suspect claimed that a special European lawyer would come from abroad for this case and he would be able to withdraw the cash from the Central Bank legally, but all he needed was some time.

Penal code: Face jail term if guilty

If convicted, all seven men could face a maximum of 10 years in jail, according to article (217) of the Federal Penal Code.

Under the law, anyone found guilty of forging an official document will face a jail term of 10 years, while if one is convicted of forging a non-official document, he will receive a three-year prison term.

The penal code waives punishment in favour of anyone who informs judicial authorities about a crime before its detection, the use of a counterfeit banknote, or a forged document.