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Dubai Islamic Bank Fraud Case Adjourned

Filed on April 29, 2009

DUBAI - The Dubai Criminal Court on Monday ordered the adjournment of the Dubai Islamic Bank (DIB) case to 
May 14 when more witnesses, including the auditor of the Dubai Financial Control Department will be cross examined.

Dubai’s largest embezzlement case involves seven suspects, including five businessmen and two former DIB senior executives who are charged with defrauding the DIB of Dh1.8 billion.

The Dubai Court of First Instance started hearing the case on March 30, 2008.

The DIB fraud case is part of the government crackdown on corruption and financial irregularities, which began in April last year, and has since resulted in highly publicised arrests of leading bankers and property officials, including Deyaar, Sama Dubai, Damac Property Company, and Nakheel, the developers of the Palm islands.

Two former senior executives of DIB are charged with bribery — a 39-year-old Pakistani finance manager and his 50-year-old deputy — stand accused of accepting bribes to overlook the irregularity and disburse the loans. Also at large is an American who is alleged to have taken a similar route — forging documents and bribing the employees — to embezzle DIB.

He is said to have swindled more than Dh7 million. He, too, was given the loans.

A fifth British businessman, 58, has been charged with criminal complicity. He allegedly conspired with the first three defendants to cheat the bank.

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