Abu Dhabi, UAESunday 16 June 2019

Corrupt bank manager convicted of stealing Dh10m

Saudi manager siphoned off cash lent to a customer

A corrupt bank manager was ordered to pay Dh20 million after being convicted of stealing Dh10m from a customer.

Dubai Criminal Court heard how the Saudi manager used his position to set up a legitimate loan for a client which he then stole.

By forging signatures and using fake mortgage documents he was able to siphon cash from the account the loan was sent to.

An accomplice helped him hide large amounts of the money, which bank officials only spotted was missing during an annual audit in July 2017.

The bank manager, whose name was not given in court and who has since fled the UAE, was sentenced to five years in prison in his absence.

His Chinese accomplice was jailed for six months.

Updated: February 18, 2019 06:01 PM