2-yr jail for selling etisalat stocks for Dh1.6m

The Dubai Court of Appeal upheld two years jail sentence awarded by the First Instance Court to four Arabs found guilty of defrauding Dh1.6million by selling etisalat stocks via forged documents.

The four including a woman AAA, director of a shop; and three men AJA, clerk; SJG, director; RMA, clerk; will be deported after serving their jail terms, ruled Judge Mustafa Al Shinnawi.

According to the accusation sheet, RMA forged a bond of etisalat stock attributed to some shareholders. He also attested the forged document at the Notary Public of Dibba Al Fujairah Court and gave it to AAA, director of a shop, to use for selling stocks. He is also accused of forging seven seals of government departments.

The crime was discovered when a cousin of one of the sellers, who works for Abu Dhabi stock market noticed 'abnormal dealings' of etisalat stocks. "These stocks belonged to my two cousins and were sold via a broker other than the one he deals with. When checking with my cousins, they denied selling their stocks,” he testified.

“When I called up the brokerage company that processed the selling operation, I was told AAA was the broker and that she submitted a power of attorney and a passport photocopy. I spoke to AAA who confessed to me that she sold the stocks against a power of attorney. Immediately I logged a complaint. 70,000 stocks have been sold for Dh1.6m. There were other selling operations as well, but I could not get their value from the stock market,” he testified.

Police arrested AAA at the airport as she was trying to flee the country. She confessed to the crime and led the police to the others.
 

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