Man dupes friend of Dh23M

dubai — A businessman exploited his friendship with his partner to embezzle Dh23 million, according to Dubai Ruler’s Court records.

The friends jointly opened a construction company in Dubai in 2003 and the defendant told his partner — who was outside the country— that the company was suffering heavy losses.

Hashim Salem Al Qaiwani, director of expertise and dispute resolution committee at The Dubai Ruler’s Court, told an Arabic daily that the defendant sold the assets and subsidiaries of the company when questions were asked by his friend about the losses.

The plaintiff claimed that he had transferred huge sums to his own account in Dubai over several years for the company.

Al Qaiwani pointed out that the defendant insisted that the auditors’ report, on which his partner based his complaint, was inaccurate and that the accusation is invalid.

By reviewing the statements of the previous period, it was found that the accused had transferred more than Dh13 million to a joint account he had with his wife.” Hashim Salem Al Qaiwani, director, expertise and dispute resolution committee, The Dubai Ruler’s court

Following this, the case was transferred to the department of expertise and dispute resolution at the Dubai Ruler’s Court.

He added that the experts started analysing the details of the case, the period in which it began and studying the relationship between the two partners according to the contracts signed by them.

The administration faced several challenges, including the absence of any trace of the accounting system used by the company during its work, as the accused had sold the company’s assets and digital devices, which contained the original accounting system. He also declined to submit documents that were requested by the experts, in addition to filing incomplete and conflicting documents.

Al Qaiwani added that it was also found that there were several bank accounts through which a large number of suppliers and creditors were paid.

The experts panel asked the defendant to provide a list of suppliers and all creditors. However, the defendant delayed it and then presented incomplete papers.

It was found that there were amounts transferred from one of the bank accounts of the company to a private bank account which had no effect on the accounts of suppliers.

“By reviewing the statements of the previous period, it was also found that the accused had transferred more than Dh13 million to a joint account he had with his wife. He also made several cash transfers to unknown people,” added Al Qaiwani.

amira@khaleejtimes.com