Bank employee embezzles over Dhs11 million in Dubai

Sohaila Ahmed, Staff Reporter

A customer service employee of a Dubai bank was arrested and referred to criminal court for embezzling over Dhs11 million from share selling.

Official records indicate that the employee had worked in the bank for three years, and had abused his authority to manipulate documents and use a fake name to obtain the amount of money.

The defendant had a runaway accomplice who helped him sell around a million share illegally to local telecommunication firm.

The accomplice had impersonated an old local woman and used her shares to complete the selling operation.

They forged documents under victim’s name and her brother-in-law, and used those documents to withdraw the stolen money.

The UAE authorities have urged residents to be vigilant of their ID cards and documents.

The Central Bank of the UAE (CBUAE), has alerted consumers of the increase in fraudulent activities, and stresses not to disclose private information such as personal and bank account information to any person or entity.

The Central Bank and banks operating in the UAE have confirmed that they do not request such information from consumers and warned them of malicious phone calls and fraudulent messages that they may receive via WhatsApp using CBUAE name and logo.

In addition, CBUAE reminded consumers not to answer such calls and messages, as well as opening any attached links to avoid data exposure to malicious websites.

The Central Bank has urged the public to report to the relevant authorities when they receive fraudulent calls and messages or in the event of financial fraud. The Central Bank confirmed the concerted efforts of the concerned authorities in the UAE to limit financial fraud activities and to raise public awareness about it.