Businessmen found guilty in DIB fraud

FraudSentences were handed down today in one of Dubai’s most compelling cases of business fraud in years.  Six executives with the Dubai Islamic Bank received sentences of up to 10 years  in prison and deportation for their roles in the scandal.  A seventh was acquitted.  All the executives were charged with fraud, bribery, forgery, and embezzlement.  According to the DIB’s chief executive, Abdullah Al Hamili, the execs are accused of “deliberately helping others to embezzle public funds, inflicting intentional loss to the government and its interests, as well as illegal profiteering and forgery.” Thus, the official charges included accusations of crimes against the government’s best interests.

The executives at fault, a group of international businessmen that includes Turkish, British, Americans and Pakistanis must also pay Dh1.8billion in restitution to the DIB.  This was the second attempted trial, and will most likely be appealed within the next 15 days.

 

 

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Sentences were handed down today in one of Dubai’s most compelling cases of business fraud in years.  Six executives with the Dubai Islamic Bank received sentences of up to 10 years  in prison and deportation for their roles in the scandal.  A seventh was acquitted.  All the executives were charged with fraud, bribery, forgery, and embezzlement.  According to the DIB’s chief executive, Abdullah Al Hamili, the execs are accused of “deliberately helping others to embezzle public funds, inflicting intentional loss to the government and its interests, as well as illegal profiteering and forgery.” Thus, the official charges included accusations of...

FraudSentences were handed down today in one of Dubai’s most compelling cases of business fraud in years.  Six executives with the Dubai Islamic Bank received sentences of up to 10 years  in prison and deportation for their roles in the scandal.  A seventh was acquitted.  All the executives were charged with fraud, bribery, forgery, and embezzlement.  According to the DIB’s chief executive, Abdullah Al Hamili, the execs are accused of “deliberately helping others to embezzle public funds, inflicting intentional loss to the government and its interests, as well as illegal profiteering and forgery.” Thus, the official charges included accusations of crimes against the government’s best interests.

The executives at fault, a group of international businessmen that includes Turkish, British, Americans and Pakistanis must also pay Dh1.8billion in restitution to the DIB.  This was the second attempted trial, and will most likely be appealed within the next 15 days.

 

 

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