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23 February 2024

Another accused in Dh84m bank fraud case

One more person accused in Dh84m bank fraud case. (EB FILE)

By Mohammed Elsidafy

The Dh84 million Bank Saderat Iran fraud case took a turn with the addition of another defendant, Iranian AS.

He joins 55-year-old manager SA, also from Iran, who faces four charges.

SA is accused of falsifying official documents that were supposedly issued by the Dubai Chamber of Commerce and Industry, falsifying commercial receipts and inspection certificates, using falsified documents to attempt to defraud the bank and stealing Dh84m.

SA, who was yesterday released on bail by the Dubai Criminal Court after surrendering his passport, has denied all the charges.

The public prosecution said SA obtained credit from the bank on behalf of a company called Sinashore after saying a cargo of gold would serve as security.

He allegedly gave the bank false documents, trade receipts and inspection documents that indicated the gold had been shipped to Iran, and as a result was able to obtain the money.

Witness Mohamed Ridha Muslim, manager of the bank's credit document section, said his job involved ensuring the security offered by customers covered the amount of credit they wished to obtain.

Once this was done the money was paid to the client.

He said a credit facility had been set up at Sinashore's Dubai branch and the Dh84m was paid to its account after necessary documents were supplied.

Muslim said the documents were then sent to Iran for verification in accordance with the bank's standard procedures, where they were found to be false.

The police were then called in, and SA allegedly told them he had set up Sinashore with three other Iranians.

He said the company manufactured items made from gold and sometimes provided goods for clients through other companies.

The trial was adjourned until April 6 after SA's lawyers, Samira Qarqash and Muna Al Ansari, asked for more time to study the case documents. Lawyer Ibrahim Al Qassimi, who represents the bank, asked for its legal costs to be paid.


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