Court told of market scam
Employee accused of Dhs1.8m fraud
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.