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Fraud in Dubai

Fraud in Dubai

The emirate has witnessed high-profile fraud cases worth millions of dollars in the last year.


June 23, 2009 12:54 by

The former CEO of real estate developer Deyaar Zack Shaheen, was recently granted a AED2 million bail by the court on charges of embezzling around AED98 million and taking bribes worth millions of dirhams in an ongoing corruption case.

Mohammed Khalfan Kharbash Abdullah, a former UAE Minister of Finance and Industry, and the ex-chairman of Deyaar is also accused in the case, along with Deyaar’s ex-director of operations.

In May this year, an appeal court in Dubai acquitted Khalifa Bakhit Al Falasi, a former minister, of allegedly embezzling assets from his business partner. The court dismissed all charges against Al Falasi and two others accused in the case, and overruled the two year prison sentence handed to him by a lower court.

In September last year, Dubai was hit by ATM fraud worth thousands of dirhams. Citibank, HSBC, Emirates NBD, and Lloyds TSB were some of the banks which saw their accounts being affected by the scam. Banks at the time urged customers to change their PIN numbers.

Earlier this year, the central bank announced that all the banks have to introduce the “chip-and-pin” system to replace the traditional magnetic security strip on credit cards.

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