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15 July 2024

Two-year jail for four in Dh1.6m fake shares case

By Staff

Dubai Criminal Court awarded two years jail term to four Arab nationals charged Dh1.6 million by selling shares to stockholders in etisalat using fake documents.

A woman director of a shop, AAA; a scribe, AJA, and a director, SJA, will be deported after serving term, reported 'Gulf Today'.

Fourth suspect RMA, also a scribe, has been convicted of forgery. The Public Prosecution of Dubai said that RMA had forged a shares document related to a number of stockholders and authorised it to the notary public at the Dibba Fujairah Court.

The prosecution emphasised in the bill of indictment forwarded to the court that one relative of the two victims, who works for Abu Dhabi Securities Exchange and watches trades on daily basis noticed sale of a big number of Etisalat’s shares owned by his cousin by a broker company, which is not the one they deal with.