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Wed 23 Mar 2016 12:29 PM

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Saudi bank official robs $5.8m, flees kingdom

Victim’s relative allegedly helped bank manager steal money over three years

Saudi bank official robs $5.8m, flees kingdom
Saudi money, Saudi currency, Saudi economy, Saudi finance, GCC currencies

A senior bank official in Saudi Arabia allegedly stole SR22 million ($5.8m) from a businessman’s current account and fled the country, local media reported on Wednesday.

It was alleged that a relative of the victim helped the bank manager to steal the huge sum, as well as smaller sums over a period of three years.

Saudi Gazette quoted Makkah Police spokesman Ati Al Qurashi as saying: “The deputy manager and the relative worked together for three years to withdraw SR22 million from the businessman’s bank account.

“After withdrawing the sum of money, the deputy manager incriminated the relative by withdrawing the sum of money from the businessman then depositing it in the relative’s account which he opened without telling him, then withdrawing the money for him to keep.

“The deputy manager had also stopped the SMS service the bank sends to its clients informing them of every withdrawal.”

The official reportedly used his senior position at the bank to access the systems. And Al Qurashi added that the police are investigating the case, including reviewing the victim’s account records for the past three years.

Police now believe the official is now in an eastern European country, the newspaper added, having received information that he had quit his job shortly before the investigation was launched. He has allegedly been sighted at several social events in the country.

However, Al Qarashi said: “The police force is a national security authority only. All that we can do is track his movements and await his return to the kingdom in order to arrest him.”

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