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Dubai financial market worker accursed of Dhs1.8 million scam.

A Dubai Financial Market employee has gone on trial accused of abusing his position to pocket Dhs1.8 million .

The defendant, an Indian national who works as an administration services manager has been charged with forging documents and using the forged documents to scam the money.

Prosecutors told Dubai Court of First Instance that the used his position to contact that printing house that printed cheques for the market to distribute the profits to shareholders.

It is claimed he asked the printers for three cheques to show market officials in a meeting asking them not to put a cancellation stamp on them and he would destroy them after the meeting.

"He asked us not to put a cancelation stamp on those cheques and that he will destroy the cheques later" a 31-year-old Indian official from the printing house said in records.

Prosecutors said that instead of doing that, the 37-year-old defendant made the cheques out in his name to the tune of Dhs1.82 million.

A 58-year-old Sudanese legal representative for the market testified: "His job was to prepare the documents to the shareholders to send the cheques to them. He made two cheques for his benefit and a third one on the name of a former female employee and withdrew one of the cheques worth Dhs448, 074

The legal representative said that he received a call from market officials in September last year warning of the scam.

It was stated in court records how the scam was uncovered, but the suspect was arrested.

Prosecution said that he confessed during investigation and apologised, offering to return back the money.

The accused denied the charges and trial adjourned until next month to prepare the defence.

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Publication:7 Days (Dubai, United Arab Emirates)
Date:May 24, 2016
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