Suspect sues former DIB official, three executives

Dubai: A suspect is seeking temporary compensation from Dubai Islamic Bank's (DIB) former board chairman [2001-2008], and three DIB executives for collaboratively concealing fraud operations of Dh1.8 billion in which he claimed he was falsely accused.

Dr Habib Al Mulla, lawyer for 40-year-old Pakistani U.H., DIB's former financing manager, on Monday handed the Dubai Court of First Instance a civil lawsuit against DIB's ex-board chairman and three executives claiming Dh21,000 in temporary compensation.

Dr Al Mulla claimed in the lawsuit: "Between 2001 and 2008, the bank's former board chairman, the head of the financing commercial operations' team, the operations' manager and risk management's chairman, conspired to cover up fraud operations, which seven suspects have been charged with committing.

Damage caused

"U.H. was charged of a crime he did not commit, and the above mentioned DIB executives should compensate him for the damages they caused him."

During Monday's hearing, Assistant Chief Prosecutor Khalid Zarouni asked for more time to present his response.

Presiding Judge Fahmi Mounir adjourned the case until May 17 for prosecutors to review and respond to the documents and requests submitted in court.

Prosecutors had charged seven suspects, five businessmen and two ex-DIB officials [including U.H.] of defrauding DIB of Dh1.8 billion between 2004 and 2007.