Arrest order in €7.2bn Central Bank fraud case

The witness said no agreements had been made between a company involved in the case, Ambiance Technology, and Deyaar. (EB FILE)

A court in Abu Dhabi yesterday ordered the arrest of seven people who were cleared of trying to withdraw €7.2 billion (Dh35.7bn) fraudulently from the UAE Central Bank.

The call came from the Abu Dhabi Appeal Court after prosecutors challenged the acquittals.

An eighth man, Iranian AS, was jailed for five years by the criminal court after being convicted in his absence.

The public prosecution's appeal against the verdicts on the seven will be heard on March 23.

 

Counterfeit goods

A dealer offered a Dh65,000 bribe to an inspector from Dubai's Department of Economic Development in an attempt to recover counterfeit goods that had been confiscated, a court had heard yesterday.

The goods – watches, handbags and sunglasses – were worth Dh80,000.

A police officer said he had taken part in an operation to trap the accused as he handed over the bribe and said the conversation between the defendant and the inspector had been recorded.

The inspector had been involved in a crackdown on faked goods and confiscated the items at the defendant's store along with his labour card.

The accused allegedly called him later and offered the bribe. The inspector reported the incident to the police and was told to arrange a meeting at which the dealer was arrested. The case continues.

 

Deyaar case

The former CEO of developer Deyaar yesterday accused a financial expert of tampering with a report into allegations against him and called for an investigation.

He said he had concrete proof of the tampering. The ex-CEO, ZS, is standing trial at Dubai Court of Misdemeanour, and the public prosecution asked for the case to be concluded as quickly as possible as it had already been running for more than a year.

A witness told the court in Dubai that officials working with Deyaar were authorised to practice real estate brokerage provided that the proceeds went to the company as they were officials and were entitled only to their salaries, rewards and benefits.

He said officials received their gratuities after the company had obtained its full due.

The witness said no agreements had been made between a company involved in the case, Ambiance Technology, and Deyaar.

He said Ambiance Technology might have been used as a cover to receive money illegally.

The Dubai court adjourned the case until March 24.

 

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