Banker jailed for embezzling Dh896,742 in Dubai

 

A copy of the forged cheque application form was enclosed in the case file.
A copy of the forged cheque application form was enclosed in the case file.

Dubai - The defendant abused his post at the real estate financing unit at the bank and also forged a cheque application form in the name of his wife.

By Marie Nammour

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Published: Thu 31 Aug 2017, 12:00 AM

Last updated: Thu 31 Aug 2017, 9:08 AM

 An assistant manager at a bank has been sentenced to one year in jail for embezzling Dh896,742 by abusing his post from November 2015 until April 2017.
The 31-year-old Pakistani banker was accused of embezzling Dh261,742, which he was entrusted with during his tenure at the bank. He was also accused of expropriating another Dh635,000 after forging a cheque application form, falsifying its details and faking the signatures of two executives at the real estate financing sector at the bank. The Court of First Instance found him guilty of charges of embezzlement of public funds in his capacity as a public employee, breach of trust and forgery. It ordered him to pay a Dh828,687 fine and return the same amount to his former workplace. He will be deported after completing his jail terms.
The incident was registered at Al Muraqqabat police station.
"The defendant abused his post at the real estate financing unit at the bank ... He also forged a cheque application form in the name of his wife," a counter-fraud section manager at the bank said. "The defendant's duties were to register the bank-financed properties in the name of clients at the Dubai Land Department. He would also complete the necessary formalities of registration at the developer after the fee payment is made by the client."
According to the witness, the accused embezzled amounts of money paid by clients instead of registering the real estate units.
A copy of the forged cheque application form was enclosed in the case file.
The court ruling remains subject to appeal.
mary@khaleejtimes.com  
 


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