Dubai banker accused of embezzling over Dh896,000

 

Dubai banker accused of embezzling over Dh896,000

He forged cheques and faked signatures

by

Marie Nammour

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Published: Wed 16 Aug 2017, 2:53 PM

Last updated: Thu 17 Aug 2017, 4:29 PM

A bank assistant manager has been charged with embezzling Dh896,742, abusing his position from November 2015 until April 2017.
The 31-year-old Pakistani banker is accused of embezzling Dh261,742, which he was entrusted with during his tenure at the bank. He is 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 bank's real estate financing sector.
He faces charges of embezzlement by a public employee of public funds, breach of trust and forgery in the Court of First Instance.
The incident was registered at Al Muraqqabat police station.
"The defendant abused his post at the real estate financing unit at the bank and first embezzled Dh261,742. He also forged a cheque application form in the name of his wife and embezzled another Dh635,000," 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 Land Department. He was also entrusted with completing the necessary formalities of registration at the developer after the payment of fees is done by the client."
According to the witness, the accused embezzled amounts of money paid by clients instead of registering them at the real estate units. "The accused also embezzled a cheque worth Dh635,000, dated November 7, 2015, after forging and falsifying its details and faking the signatures in the cheque application form in the name of his wife."


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