Dubai: Two Men Sentenced to 3 Years for Dh2 Million Bank Fraud

Published March 26th, 2018 - 03:37 GMT
(Shutterstock/ File Photo)
(Shutterstock/ File Photo)

Two men have been jailed for three years each for bribing bank employees to help them take more than Dh2 million ($544,439) in loans and credit facilities using forged papers and documents.

The duo collaborated with two bankers, who were employed at local banks, and provided them with forged papers and personal documents to take bank loans on different dates after December 2016.

Four men were initially said to have agreed with the bankers to pay the latter commission if they helped them in obtaining approvals for their requests for loans or credit facilities.

The quartet were accused of forging trade licences, salary certificates and photocopies of passports and Emirates IDs to obtain three loans of Dh400,000 ($108,888) each and another credit facility worth Dh1 million ($272,219) from two different banks.

On their fifth attempt to apply for a loan at another local bank, the banker whom they approached to get a loan of Dh400,000 ($108,888) asked them for a few days to consider their offer after they had promised him Dh30,000 (8,166) in commission.

The banker informed his supervisor and they reported the matter to Dubai Police who directed them to pretend to have agreed their offer to have the culprits arrested in a sting operation.

The banker contacted the quartet, according to records, and accepted the forged documents from them. Once the loan was ready for collection, police apprehended the four men.

On Sunday, the Dubai Court of First Instance convicted the men and fined them Dh40,000 ($10,888) for forging papers and using them to obtain bank loans and credit facilities. They were also convicted of swindling, deception and bribing a public sector employee [banker who worked for a government-owned bank].

According to the primary ruling, presiding judge Fahd Al Shamsi acquitted a 28-year-old and a 45-year-old men of aiding and abetting the convicted duo.

Presiding judge Al Shamsi said the defendants will be deported after serving the sentences.

Meanwhile, the civil lawsuit lodged by one of the victimised bank was referred to the Dubai Civil Court.

Records said the defendants conspired with two bankers [who aided them in obtaining the first four loans before the sting operation] and who remain at large.

One of the convicts, 34, admitting to prosecutors that they used to lure bankers with bribes to assist them in getting loans and siphon off the money.

He also told prosecutors that they started their scam in December 2016 and took a Dh1 million ($272,219) loan and three loans of Dh400,000 ($108,888) each before they were exposed and apprehended by the police in March 2017.

The primary ruling remains subject to appeal within 15 days.

This article has been adapted from its original source.


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