| Submit your comments on this article |
| Arabia |
| Seven arrested in $10 billion UAE fraud case |
| 2010-01-24 |
| [Al Arabiya Latest] Abu Dhabi police arrested seven men for attempting to steal $10.2 billion from the United Arab Emirates' central bank using forged documents, the official WAM news agency reported Saturday. The three Europeans and four Asians "were involved in presenting false documents to the UAE central bank purportedly from a European commercial bank" showing the bank owed 7.2 billion euros ($10.2 billion) to the family of their leader, WAM said. "The documents presented by the suspects were fake and meant for attempted fraud targeting the central bank," the agency quoted Abu Dhabi police colonel Hammad Ahmed al-Hammadi as saying. The seven, including the leader of Asian origin, face up to 10 years in prison. This was not the first time such a scam has been attempted in the UAE. In July 2009, UAE's Ministry of Interior announced that it had foiled two scam attempts to withdraw about $ 42 billion from the Central Bank. The ministry said six individuals, including the branch manager of a UAE bank, tried to withdraw AED153 billion ($14.6 billion) from the Central Bank in the first attempt. In the second attempt, which happened 39 days after the first one, the group tried to withdraw AED904 million ($246 million). |
| Posted by:Fred |