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Wed 20 Jul 2016 11:53 AM

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Dubai stock exchange director 'found guilty of embezzlement'

Defendant forged receipts of investors’ profits, receives suspended jail sentence

Dubai stock exchange director 'found guilty of embezzlement'

A director at Dubai Financial Market (DFM) has been found guilty of forging receipts of investors’ profits and embezzling AED448,000 ($129,000) of public funds, according to local media.

The 37-year-old Indian national was handed a one-year suspended jail sentence at the Dubai Court of First Instance, despite pleading not guilty in court.

He reportedly forged three electronic cheques of investors’ profits totalling AED1.8 million ($490,000), and then used one of those cheques to pocket the money.

The receipts were owed to two banks and a private cargo company, according to Gulf Times.

The defendant registered his name as if he had invested in the investors’ stocks in order to cash the $490,000 cheque, the newspaper reported.

A legal consultant at the DFM stock exchange was quoted as telling the court: “He used to communicate with the investors to notify them about their profits, and the typing centres that issue the cheques to those investors.

“He obtained three cheques that were issued in his name without the DFM’s knowledge or consent. Then, he used one of those cheques [as a bogus investor] and encashed it.

“He admitted that he had forged the cheques when we questioned him.”

The judgement is subject to appeal.

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