Businessman says investor tried to dupe him of Dh5m

An investor has been accused of forging documents in an attempt to swindle Dh5 million from a businessman’s proceeds in selling gemstones, a court heard yesterday.

The American businessman was involved in a deal to sell rare gemstones and use the proceeds to help start a project to build mosques and centres for the needy in Bosnia and Herzegovina, in 2016.

He was supposed to use the bank account of a company owned by the American investor, aged 62, records said. As per the deal, the gemstones were sold in Turkey to the buyers, who transferred the Dh5 million to the Dubai-based company’s account.

When the businessman went to cash the proceeds, the bank’s management refused to give him the money, saying that the investor had cancelled the authorisation to use the bank account.

Prosecutors charged the suspect with forging papers and documents submitted to the bank, in order to cancel the authorisation and swindle the money.

The accused pleaded not guilty to all charges before the Dubai Court of First Instance yesterday. He will hire a lawyer to defend him when the court reconvenes on November 11.