UAE holds seven in $10bn bank scam

zoom

FRAUD PLOT: Seven men have been arrested for plotting to defraud the UAE central bank. (Getty Images)

Abu Dhabi police have arrested seven men for plotting to defraud the UAE central bank of $10.17 billion using false documents, the state news agency WAM said on Saturday.

It said the suspects, three Europeans and four Asians, had presented forged documents from a commercial bank in Europe purporting that the central bank of the UAE owed the funds representing the family investments of the gang's leader.

"The documents presented by the suspects were fake and meant for attempted fraud targeting the central bank," WAM quoted Colonel Hammad al-Hammadi, director of the police's Criminal Investigation Department, as saying.

The suspects also had a power of attorney from their leader authorising the withdrawals, the agency said.

The arrest were made in coordination with the central bank's anti money laundering unit, he said, adding that the suspects had denied the charges of forging documents and attempted fraud.

Five of those held had arrived in the UAE, the Gulf's trade and business centre, on visitor visas while the two others lived in the country, Hammadi told WAM.

WAM did not give the nationalities of the suspects, nor clarify whether any funds were actually withdrawn. (Reuters)

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM