Couple accused of embezzling over $9.2m from Dubai bank

Eleven fellow Indians also charged with aiding and abetting the couple - report

A banker, his wife and 11 fellow Indians face charges relating to $9.2m being fraudulently obtained from a Dubai bank, according to The National newspaper.

Commercial department manager M F, 50, and his 46-year-old wife, D F, both from India, appeared at Dubai Criminal Court charged with embezzling the money from the Commercial Bank of Dubai after fabricating business dealings with managers at 11 companies.

Eleven managers, all Indians, also face charges of aiding and abetting the couple.

Prosecutors said the alleged fraud dates back to 2006, up until May last year.

Emirati HR manager at the Commercial Bank of Dubai, H A, 34, started raising suspicions that MF was embezzling money when he strayed from protocol while working at the bank’s Jebel Ali branch.

“The suspicions began when he directed one of the employees to close an active account because its holder had died, despite the fact that there was one operation made on that account that day and that this was not the procedure taken to close an account for the death of a client,” the Emirati told the court.

Following the incident, evidence of embezzlement was found after an audit of the documents in MF’s department was conducted.

O S, the bank’s auditing manager, told the court that the defendant had denied any wrongdoing.

“He said he had nothing and asked for a day to prepare his detailed answers,” said O S.

It was then that the bank lodged a police complaint against M F.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Trading bricks: The growing popularity of real estate investment trusts in the Gulf

Trading bricks: The growing popularity of real estate investment trusts in the Gulf

Investor interest in real estate investment trusts (REITs) has...

First bank merger in 20 years sets Saudi Arabia up for more deals

First bank merger in 20 years sets Saudi Arabia up for more deals

Q&A look at what the planned merger of HSBC and RBS’s Saudi ventures...

A natural move: How Dubai Chamber is strengthening its ties in Latin America

A natural move: How Dubai Chamber is strengthening its ties in Latin America

With vast resources and more than half-a-billion people, the...

Most Discussed
sponsoredTracking