Two men jailed for three years in Dhs2m fraud and forgery case
The duo collaborated with two bankers to cajole and bribe local bank employees into authorising more than Dhs2 million in loans and credit facilities from December 2016 onwards, using forged papers and personal documents. The agreement formed with those approached included payment of commission later down the line in return for obtaining approvals for requests for said loans or credit facilities. It was on the duo's fifth attempt at applying for a Dhs400,000 loan at a local bank that the banker who they approached requested a few days to consider their offer of earning Dhs30,000 in commission. The banker then, with his supervisor, reported the matter to Dubai police who, in turn, directed them to agree to the offer in a bid to arrest the pair in a covert sting operation. They subsequently arranged for the fraudsters to collect the loan, where police apprehended the four men involved. The Dubai Court of First Instance convicted two of the men and fined them Dhs40,000 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. The two bankers who aided them in obtaining the first four loans before the sting operation came to fruition remain at large.
Three men jailed for six months each for forgery and bank fraud in Dhs1.5m embezzlement case
A bank sales manager conspired with two security guards to forge papers in the names of 72 clients and submit the same forged papers to a bank to prompt the issuance of 72 credit cards in May 2017. It was only after the bank's investigation department received a complaint from a client who had been issued a credit card without his permission that it was discovered that the sales manager had processed more than 70 credit cards based on forged papers. It later transpired that the client who alerted the bank to the discrepancy had met one of the suspects and unwittingly provided him with his personal papers when applying for a personal loan. These details were then used to process the credit card and enable the fraudsters to fraudulently spend Dhs38,000 on the clients account.
Senior banker defrauds Emirate businessman in Dhs10 million deal
The suspect was accused of defrauding an Emirati businessman by claiming to be the accounts manager of the bank's privileged clients, and offering to provide him with a Dhs10 million mortgage credit facility against one of his properties in Abu Dhabi. Following several meetings, the businessman provided the senior banker with copies of his personal identification papers and private details for the purpose of completing the transaction. It was later discovered by the bank’s department of combating fraud, corruption and money-laundering that the banker had forged several papers and signatures before pocketing the Dhs10 million and absconding. The department’s auditors have since reported the matter to the police, who have apprehended a 30 year old saleswoman believed to be connected to the fraud.