Ex-manager admits to embezzling Dh2.5m

A former sales manager of a local bank allegedly embezzled around Dh2.5 million in funds during his tenure in the company.

He has been charged with embezzling public funds, while being assigned with a public service, and forgery of documents of a local public institution, the Dubai Court of First Instance heard on Monday.

The prosecution records showed that the accused devised a new electronic transaction, which he called ‘regular transfer transaction’, through which he transferred the embezzled money.

He first deposited the embezzled funds at an account at the same bank (the bank broker’s account) and later transferred them to other accounts including that of his sister. He destroyed all transfer receipts of the embezzled funds.

Court records also showed that the defendant admitted during interrogation that he has been cheating on the bank since August 2007.

The defendant is believed to have made profits worth Dh300,000 in stocks trading in India with the funds he stole from the bank.

However, his game came to an end when an Emirati female costumer service officer suspected foul-play during one transaction in September last year, when he insisted on not printing receipt of the transaction.

The officer who was working under the defendant at that time dared to file a complaint with a business manager of the bank, shortly after which, internal investigations revealed more than Dh2.5million missing.

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