Arab Director on trial for forging a bank guarantee of AED11 million

Dubai Criminal Court begins the trial of an Arab director who forged with a fugitive a bank guarantee valued AED 11,860,000, from which he seized AED 1,710,000 from a real estate company whom he agreed with to build a mosque in Hatta district of Dubai.

The account manager at the complainant company said before the Public Prosecution investigations that the company owners asked him to set a contract with an engineering consulting company to build a mosque in Hatta district, so the project was launched in a tender and the company which was managed by the defendant won and signed the contract valued AED 11,860,000, and before starting construction, his company paid 10% of the contract value AED 1,186,000.

On the other hand, the defendant company presented a bank guarantee from a local Islamic bank and received a down payment, then started carrying out some work and later obtained another additional amount of AED 524,000.

The witness added that the company that the defendant runs had suddenly stopped the construction work and when they contacted the company they were told that the reason was the absence of the company manager and that the company was going through financial crisis. The complainant company decided to submit the bank guarantee to the bank and the surprise was in the bank’s response that the guarantee was forged and not issued by the bank.