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Shahin, a US citizen, has been detained along with seven senior executives in connection with alleged financial irregularities in Deyaar.
Shahin had resigned from Deyaar shortly after he was detained in March this year.
The case involves alleged betrayal of trust and financial irregularities. So far, the Public Prosecution has not framed the charges against him.
A source close to the case told the Khaleej Times on Sunday that Shahin would stay in detention for 30 more days, pending the completion of the investigation against him.
This is the sixth time the detention of Shahin has been extended since his arrest.
Khalid Amin Al Zarouni, Assistant Chief Prosecutor, had earlier told KT that the Public Prosecution would keep Shahin in police custody for further interrogations and gathering of evidence as long as the investigations were still on.
He had also stressed that the results of the investigation should stay confidential for the time being.
Al Zarouni is also handling the investigations in another case of financial mishandling involving British businessman Arthur Fitzwilliam, owner and chairman of Plantation Holdings.
As per Article 110 of the Code of Criminal Procedures, the Public Prosecution has the right to detain an accused for seven days. The detention can be extended for 14 days, after which a judge should look into the matter.
The judge will then decide whether to extend the detention order or release the suspect with his passport seized as a guarantee.
The detention can be extended several times for 30 days each time.
The arrest of the Deyaar ex-CEO came amid the Dubai government crackdown on corruption and fraud.
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