Man fakes signature, embezzles Dh10m from Dubai bank

Dubai - He is currently at large.

A Saudi man, who used to work at a renowned bank in Dubai, has gone on trial in absentia in the Court of First Instance on the charges of breach of trust and embezzling Dh10 million from the office.
The man, who is currently at large, allegedly contacted an Emirati businessman and told him that the bank is willing to grant him loan facilities worth Dh10 million. He made him sign an account opening form. However, the bank administration came to learn later that the defendant abused his post to embezzle the huge loan amount. He cited his number instead of the customer's on the form application and also forged a mortgage contract pertaining to a plot of land owned by the businessman in Abu Dhabi. The contract stated that if the mortgagee failed to pay up the loan installment, the bank would have the right to take the necessary legal procedure to recover its money. The man also faked the businessman's signature on the mortgage contract.
During an internal probe, it came to the fore that the accused managed to obtain an approval on the loan application after he stamped it with a seal falsely attributed to the bank and a forged confirmation with a false signature of a property department director. Accordingly, the bank administration approved the authenticity of the details of transactions run by the defendant while in his post as the manager of account of special customers.
The case unfolded from October 2016 till July 2017 and was reported to Al Muraqabbat police station.
The former manager has been charged with embezzlement of funds belonging to a public establishment and forgery, while a 30-year-old Chinese saleswoman (former employee at the bank) has been accused of aiding and abetting in the embezzlement, forgery and use of forged documents.The Chinese ex-bank employee was arrested at the bank.
The complaint was filed by the chief internal investigator at the bank's department of discipline and anti-money laundering and fraud.

• Dubai