DUBAI // An exchange clerk has been charged with IT fraud and embezzling US$300,000 (Dh1.3 million) from a currency exchange by inputting bogus data. SO, 32, was accused in Dubai Criminal Court of First Instance of defrauding the Asia Exchange last May with the help of another man who has yet to be apprehended. SO allegedly logged into the exchange centre's system and entered incorrect information to cover up the crime. He denied the charges in court.
An Asia Exchange auditor discovered the fraud as he was examining the defendant's records, the court was told. SO was found to be handling transactions after he was transferred to a different branch with different responsibilities. The auditor's suspicions were raised and an internal investigation was conducted. The company's IT manager told the auditor that a number of transactions in the system did not add up and that SO had tampered with them.
According to the auditor, SO presented a written confession of all his actions. He was aid to have admitted conducting the scam with the aid of his unidentified accomplice, who took the money and fled the country. Presiding Judge Fahmy Mounir Fahmy adjourned the case until September 15. @Email:amustafa@thenational.ae
