Dubai: A man was sentenced to three years to be followed by deportation for embezzling more than Dh10 million by forging documents to sell an Emirati woman’s stock without her knowledge, a Dubai Court of First Instance heard.
According to official records, the 37-year-old Omani accused, aided by the other two defendants, a Jordanian, 36, and an Emirati, 67, forged official documents which were later used at Abu Dhabi Securities Exchange to sell the Emirati woman’s stocks.
Prosecutors said that the Omani accused forged the woman’s signature on the documents before he asked an unidentified woman — who remains at large — to pose as the Emirati woman in order to proceed the sale of the stocks.
He denied charges of forgery and use of forged documents. All three defendants denied an additional charge of embezzling Dh11.1m by selling 954,797 stocks which belonged to the Emirati woman.
The Emirati and Jordanian defendants were charged with aiding an abetting the Omani defendant.
The Emirati and the Jordanian were found not guilty.
The 72-year-old Emirati woman said that she bought about a million stocks with etisalat more than 20 years ago and that her husband handled the purchase process for her.
“His nephew, the Emirati defendant, started handling the stocks after my husband’s death. I used to get profit from the stocks but nearly three years ago the profits stopped,” the victim said in records.
“But before the profit stopped, my husband’s nephew came to my place and asked me for my official identification documents, I gave them to him because after the death of my husband, he was handling this issue,” said the woman.
She said the nephew told her he will change the stocks to his name in order to be able to manage them properly.
The Emirati defendant’s daughter discovered that the stocks were sold.
She visited an auditor to help her track the stocks and discovered the scam.