Dubai: An investor was convicted by a Dubai court on Sunday for forging papers to swindle Dh5 million from a businessman.
The American businessman was said to have been involved in a deal to sell rare gemstones and use the proceeds to help start a project to build mosques and centres for the needy in Bosnia and Herzegovina, in 2016.
Once the businessman agreed with the buyers on the process of selling the gemstones, he communicated with a friend of his about using the bank account of a company owned by the American investor, 62, records said.
The businessman contacted his friend on the grounds that he was authorised by the investor to sign on papers allowing him to deposit and withdraw cash from the company’s account.
As per the deal, the gemstones were sold in Turkey to the buyers, who transferred Dh5 million to the Dubai-based company’s account.
When the businessman went to cash the proceeds, the bank’s management refused to give him the money, saying that his friend had to be present in person.
Afterwards, the bank notified the American businessman that the Dh5 million had been frozen and he would not able to cash it anymore, as his friend’s authorisation had been cancelled.
As he visited the bank to review what had happened, the businessman was notified that the 62-year-old investor had cancelled the friend’s authorisation to use the bank account.
The businessman submitted a written objection to the bank management to reverse the decision [to cancel the authorisation] and came to know later that the papers that were submitted by the investor turned out to be forged.
The businessman complained to the police, who apprehended the investor.
Prosecutors accused the suspect of forging papers and documents submitted to the bank, in order to cancel the friend’s authorisation and in an attempt to swindle the money.
According to the accusation sheet, prosecutors said the suspect forged the Dubai airport entry stamp on the passport of the businessman’s friend and photocopied that stamp. Then, he submitted the forged papers to the bank to cancel the friend’s authorisation, in an attempt to transfer the Dh5 million to himself in his capacity as the company owner.
Dubai Court of First Instance sentenced the American defendant to three years in jail to be followed by deportation.