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Banker, businessman jailed in Dh30.5m fraud case

Accused forged documents to embezzle money from bank account of businessman’s wife

Gulf News

Dubai A banker and a businessman were sentenced to five years in jail for forging documents to embezzle Dh30.5 million from the account of the businessman’s wife.

The Emirati housewife in August 2009 visited the 37-year-old Emirati banker at a local bank’s branch in a mall in Al Rashidiya to open a bank account for her and her children.

She deposited Dh30.5 million into her account and was later told that she would earn interest annually.

Upon not receiving any email notification that her savings’ bank account had been opened, she contacted the bank and asked them to communicate with her personally.

The 37-year-old banker then emailed her a notification that her bank account had been opened.

When the first interest was due, she didn’t receive any notification, but received an email from the banker asking her to continue investing her money with the bank.

Later, the banker and another British bank employee constantly called her up and asked her to come and sign some documents, but she did not go.

Eventually, the woman contacted the banker and asked him to transfer her money to another bank account. When he delayed in doing so, she complained to the bank’s legal department.

When the issue was still not resolved, she complained to the police.

Police investigations unveiled that the woman’s account had zero balance because the banker and her businessman husband had forged documents and embezzled her money.

On Sunday, the Dubai Court of First Instance convicted the banker of abusing his managerial job and embezzling the housewife’s Dh30.5 million using forged money transfer documents.

The businessman [husband] was convicted of abetment.

Presiding judge Mohammad Jamal also referred the wife’s civil lawsuit to the Dubai Civil Court.

Records said the Emirati defendants and a third person, who remains at large, forged the woman’s signature on money transfer and banking facility forms.

The primary ruling remains subject to appeal within 15 days.