UAE BARQ برق الإمارات – نبضك
A bank’s assistant manager, who worked in the mortgage and property loans section of the bank, has been handed a one-year jail sentence and ordered to pay AED 828,000 fine after being charged for embezzling more than AED 800,000.
The Dubai Criminal Court convicted him of embezzlement, abuse of duties, forging an official document and using it. The court ordered he be deported after serving the jail and fines punishment.
“He was responsible for registering property financed by the bank with Dubai’s Land Department under the names of our clients who had been granted mortgage loans,” said the head of counter fraud at the bank.
“Then he would register these properties with the developer before being handed the fees by the client, which he later should hand to the bank.”
It was found that the accused had instead kept the fees.
An investigation launched by the bank also revealed he had forged the signature on a cheque.
The defendant forged a cheque to the value of AED 635,000, putting his wife as the beneficiary, and pocketed more than AED 260,000 of client fees which he should have handed over to his employers.
The accused pleaded guilty during the Bank’s internal investigation, but he denied all the charges on the court, which sentenced him to one year in jail, and ordered to pay AED 828,000 fine. He is to be deported after serving the prescribed punishment.
