Banker, friend get 10 years for Dhs1.8m fraud - GulfToday

Banker, friend get 10 years for Dhs1.8m fraud


Photo has been used for illustrative purposes.

Hamza M Sengendo, Staff Reporter

A bank’s sales executive and his friend who faked documents to swindle a Dhs1.8-million loan will spend ten years behind bars, a jury has decided.

The Asian banker, 37, and his friend – a businessman, 53 – counterfeited data on a Power of Attorney Letter that they attributed to an Emirati woman, 45. They used the bogus document to defraud a Dubai-based bank.

During June 2015, the banker helped the businessman forge her signature on a loan application that they submitted to the bank in Al Rifa’a area. The Dubai Criminal Court ordered they be deported after the jail term.

The incident came to light in July this year after the bank lodged a complaint against the woman. A competent court ordered her to pay Dhs1,833,000. Thorough investigations revealed both men were behind the fraud.

In prosecution records, the woman narrated that she learnt from her husband that the businessman had obtained a loan from the bank. Shortly, she was surprised to see the bank filing a civil case against her.

The loan had been taken under the name of a restaurant owned by her and the businessman. To facilitate the fraud, the banker and the businessman opened up an account for the restaurant without her knowledge. 

“I had granted powers of attorney to my husband to handle procedures for the restaurant. I didn’t know anything until the bank filed a case against me for not repaying the loan amount as scheduled by the bank,” she said.

The bank’s legal consultant revealed that the banker – who had been tasked with marketing the bank’s goods – abused his duties to illicitly carry out all the procedures for opening the account and applying for bank facilities.

On his part, the bank’s commercial affairs manager revealed that he reviewed the application submitted to him by the sales executive and came across the woman’s name on it.

“The sales executive did not tell who signed the application document,” explained the manager, adding, “On seeing the woman’s name on it, I assumed she signed it.” Forensic evidence proved she was not the one who signed it.

The Dubai Public Prosecution accused both defendants of forgery, use of forged documents and obtaining Dh1.8m through fraudulent means. The Dubai Criminal Court found them guilty of the three counts. The ruling remains subject to appeal within 14 days.

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