Man gets 3 years in prison for selling Dh11 million worth of shares owned by his aunt

Dubai - The accused sold the shares without his aunt's knowledge.

A 38-year-old man has been sentenced to three years in prison and deportation by a Dubai court for embezzling, together with a female accomplice, more than Dh11 million worth of 954,797 of his aunt's shares from a telecom provider.
The Omani man was also found guilty by the Court of First Instance on charges of forgery and use of forged documents, fraud and embezzlement.
He forged a transfer application issued from Abu Dhabi Securities Market and faked the victim's signature.
An Emirati man, 68, was cleared of aiding and abetting in the forgery done by the accused.
A 37-year-old Jordanian man, who helped the defendant, was charged with damaging the reputation of the securities and commodities market and unlawfully transferring the shares.
According to public prosecution records, the defendants planned to embezzle more than Dh11 million by opening a trading account under the name of the victim at a financial brokerage firm.
The female accomplice, who ran away before the arrest, posed as the victim and impersonated her.
The wrongdoings were reported in March 2018 and a case was registered at Bur Dubai police station.
The complainant, a 73-year-old Emirati housewife, said that she had bought about a million shares in that telecom company more than 20 years ago. "My husband and his nephew handled the purchasing on my behalf and registered them in my name after I had given them the required identification documents."
She said the stocks remained under her name at Abu Dhabi Financial Market and she would collect regular revenues. "I did not put them for trading."
She only learned about the embezzlement when she stopped receiving profits. "I learned then that my husband's nephew had transferred the shares to himself," she told the prosecutor.
The ruling may be appealed.
mary@khaleejtimes.com
 

• Dubai