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Man on trial for swindling over Dh50 million from investor in Dubai

Man, trial, swindling, Dh50 million, investor, Dubai

Dubai - He reportedly embezzled ?5 million (Dh20.35 million) and Dh38.9 million.



by

Marie Nammour

Published: Sun 27 Oct 2019, 10:30 PM

Last updated: Mon 28 Oct 2019, 12:33 AM

A 41-year-old man is standing trial at the Dubai Court of First Instance for allegedly swindling a German investor out of millions of dirhams, among other charges.
He reportedly embezzled ?5 million (Dh20.35 million) and Dh38.9 million.
The court heard that the New Zealand national, a manager, falsely claimed his enterprise was an investment bank that allowed investors to take out loans of up to ?5 million, provided that Dh6 million should be deposited first.
To dupe potential victims, the defendant allegedly forged a seal that he attributed to the Dubai Courts and faked another that he claimed was the seal of an investment bank.
The case dated back to October 11 last year and was registered at Bur Dubai police station. The complainant, a 37-year-old investor, said he met the defendant in Jumeirah.
"My Indian business manager and another man were present in the meeting. The accused offered me ?50 million in bank loans for my investments abroad. His conditions included the deposit of a large amount of money in the bank enterprise.
"He claimed that the enterprise was owned by a bank and by a VIP. He later sent me an e-mail with an attachment of an agreement of loan facilities signed between that enterprise and a bank, which made me trust his claims."
The defendant provided the complainant with documents that appeared legitimate but turned out to be fake.
He reportedly used fake seals to stamp eight payment receipts; a letter of deposit of ?5 million; and a letter of agreement between a bank and his enterprise.
"The accused made customers believe that the enterprise was a bank. He added the word 'bank' to documents and correspondence, hence swindling ?5 million and Dh38.9 million from investors," said an Emirati lawyer, whose VIP client had partnered with the defendant in the enterprise, without knowing that it was being used to dupe investors.
The trial will continue on November 20.
mary@khaleejtimes.com


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