Fake employer helps banker embezzle Dh6.5m

With help from a Pakistani company manager, a bank employee granted Dh6.5 million in loans to five bogus clients, the Dubai Criminal Court heard.

The crime was based on forged documents supplied by NC, 30, friend of the banker ST, 42, who is accused of fraudulently embezzling his employer in 2010 and 2011.

NC submitted forged photocopies of UAE passports that carried names of six women along with forged salary certificates which stated that the women are his employees in order to open bank accounts for them.

He also used the forged documents to apply for loans in the names of the bogus ‘employees.’

Investigating the case, it was found out that NC did not own any business and that the Ras Al Khaimah and Umm Al Quwain trade licences he had submitted to the bank were also forged.

An employee at the bank, RN, 36, Emirati testified that ST worked as a relationship manager for offering loans to individuals.

“Internal audit proved that ST had endorsed loans to bogus clients with the help of NC who had submitted forged documents for that purpose,” RN testified.

After getting the loans in the bogus client’s accounts, ST released the money via cheques issued in favour of his accomplice NC, employer of the bogus clients.

Checking the used passport photocopies for opening accounts with the bank, police found out that the photocopies were forged and the information contained in them belonged to other people.

“Confronting ST with the accusations, he admitted to being a friend of NC,” RN told investigators.

FA, 27, Emirati, manager of the bank's branch where the crime was committed, told investigators that she had received a phone call from a female client who told her that her employer was seeking a bank loan.


"I told her that our personal loan relationship manager ST would contact her regarding her request. Once ST approved her application, I also did the same.


“Later, I received another phone call from a woman who claimed her name is Reem and that she is a student. ‘Reem’ expressed interest in a loan. I went on leave and when I resumed work, I learnt that ‘Reem’ had obtained a loan that was withdrawn via cheques issued in favour of NC and another person,” the branch manager FA testified.

A Jordanian legal affairs employee at the bank, SK, 42, told investigators that the bank’s employee ST should have investigated the identity of those who apply for loans and get their accredited signature.

“We have discovered that five loans had been endorsed to bogus clients and that ST was the employee who endorsed the applications. We also found out that the so-called employer NC was the one who had submitted salary certificates on their behalf,” SK testified.

ST had also dispensed amounts from the accounts of the bogus clients in cash and by cheques in favour of NC.

Criminal Evidences reported that the Umm Al Quwain Economic Department had assured that no licences were issued in the names of the companies listed by the bank.

Similarly, RAK Investment denied issuing a licence in the name of the company supplied by the bank.

The criminal laboratory reported that the signature on the loan applications had been forged by the bank employee ST and that the passport photocopies against which the loans were approved belonged to other people.
 

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