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Bank official embezzled Dh896,742, court hears

The suspect forged property registration documents and cheques to swindle money

Gulf News

Dubai: A bank’s assistant manager embezzled more than Dh890,000 after forging documents, the Dubai Court of First Instance heard on Wednesday.

The 31-year-old Pakistani defendant is charged with embezzlement, forgery and use of forged documents.

According to official records, the defendant, who worked in the bank’s branch in Al Muraqqabat area, embezzled Dh896,742 from the bank after forging signatures on cheques.

The transaction allegedly occurred between November 2015 and April 2017.

The Mortgage and Property Loans section assistant manager was arrested on June 7 this year after an internal investigation discovered the embezzlement.

“He was responsible for registering property that is financed by the bank with the Dubai Land Department under the names of the clients. He was also supposed to register the deal with the developer and collect the fees from the client. However, the collected fees were not deposited in the bank nor were the clients’ property units registered,” a 35-year-old Indian head of combating fraud at the bank said.

The preliminary internal investigation revealed that the suspect had illegally obtained the fees amounting to Dh261,742 but further investigation showed that on November 7, 2015, he had forged signatures on a cheque worth Dh635,000 and changed the beneficiary’s name to that of his wife.

The defendant confessed to the charges when he was questioned by Dubai Public Prosecution earlier.

He failed to appear in the court on Wednesday. The verdict will be issued on August 27.

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