Man steals and sells stocks worth Dh538,505

A fugitive Jordanian allegedly stole stocks worth Dh538,505 from an Emirati and sold at Abu Dhabi stock market, the Dubai Criminal Court heard on Wednesday.

NML, 30, is also accused of forging a power of attorney authorized by Khalifa Al Mazroui for selling stocks. The document was attributed to Khor Fakkan Attorney Public office.

He used a forged seal of the Ministry of Justice, Khor Fakkan Federal Court to prepare the document, according to the records.

He submitted the document to Abu Dhabi stock market to process the sale Etisalat stocks owned by Al Mazroui via Pioneers Securities brokerage. He opened a trading account with Abu Dhabi stock market through the company and the attorney he submitted, the records revealed.

He sold the stocks and ran away with Dh538,505.

“I do not know the accused…I have never met or knew him,” Al Mazroui testified before the Prosecution.

“The accused used a forged power of attorney attributed to Khor fakkan Court Attorney public and sold my Etisalat stocks by opening a trading account through Pioneers Securities brokerage. He then issued someone called MAH, a power of attorney from the Jordanian authorities and attested as per the rules authorising him to deal with the stocks. Later MAH received three cheques withdrawn from National Bank of Dubai at the total Dh538,505 issued in my name. Checking with the bank I found out that the amount has been dispensed overseas against the forged power of attorney,” said the 32-year-old Al Mazroui, who is employed by Adnoc.

Testifying in the court, Egyption broker Mohammed Saleh, 45, confirmed that the accused presented original copy of a power of attorney signed by Al Mazroui authorising him to sell, buy, and mortgage and receive cheuqes of stocks owned by Al Mazroui.

“NML sold stocks owned by Al Mazroui on three different occasions. The third time he told me that he wants to do a power of attorney in the name of MAH authorising him to receive checks issued in the name of Al Mazroui,” he testified.

Mostafa Khairai, a finance manager, testified that the accused asked him to issue cheques in his name, but as this violated the rules he was issued three cheques with the total value of Dh538,5050 in the name of Al Mazroui.

“The accused later called me and asked me to transfer the amount from my company account to his account in Jordan. I refused as this violates the rules. Against the Power of Attorney he has from Al Mazroui he issued MAH a power of attorney and the later came and collected the three cheques,” he testified.

The Khor Fakkan Federal Court reported that the power of attorney subject of the case is not registered in the court’s register.

The Court adjourned the case for verdict until May 11.

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