Court told of mar­ket scam

Em­ployee ac­cused of Dhs1.8m fraud

7 Days in Dubai - - NEWS - By Ali Al Shouk @alial­shouk ali.shouk@7days.ae

He asked us not to put a can­cel­la­tion stamp on the cheques – In­dian of­fi­cial from the print­ing house

A Dubai Fi­nan­cial Mar­ket em­ployee has gone on trial ac­cused of abus­ing his po­si­tion to pocket more than 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 he used his po­si­tion to con­tact the 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 be­fore ask­ing them not to put a can­cel­la­tion stamp on them and he would then de­stroy them af­ter the meet­ing.

“He asked us not to put a can­cel­la­tion stamp on those cheques and that he would 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 in 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. Pros­e­cu­tion said that the de­fen­dant con­fessed and of­fered to re­turn back the money.

The ac­cused has de­nied the charges and trial was ad­journed un­til next month.

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