Two in court over money laundering worth Dhs5.2m

Ihab Atta, Staff Reporters

The Dubai Criminal Court on Wednesday heard the case of two Asians, a bank manager, and a 40-year-old housewife charged with nearly 20 charges including embezzlement, profiteering, forgery and money laundering of Dhs5.2 million from bank accounts.

Details of the incident date back to 2011 and 2017, when the first suspect headed the real estate projects completion section at a bank, and used his powers to forge letters of no objection addressed to him by one of the bank officials, authorising him with the encashing of these amounts. He already encashed them and transferred them to accounts belonging to the accused suspect in another bank.

The second suspect then transferred the amounts through checques to other accounts of the first suspect with the intention of concealing the illegal source to legitimise such operations.

Then, the first suspect began embezzlement and money laundering for more than Dhs1 million, then Dhs606,000, and later he laundered sums of money between Dhs150,000 and Dhs500,000.