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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

Late last month, Michael Bryan Smith, a British man, was arrested in Thailand for allegedly embezzling $150 million from a real estate company in Dubai. Smith apparently siphoned workers’ salaries into his own bank account while working as a personnel manager at a Dubai property company.

“He did not resist arrest. We will start his extradition process as soon as possible,” the Thailand police colonel Somprasong Yen-tuam said.

In December last year, the Dubai police arrested three members of a gang who allegedly swindled $62 million from thousands of UAE bank customers. Police said the accused obtained sensitive information from 16,975 bank cards by using a false website they created.

Earlier this year, Kabir Mulchandani, the chairman of property developer Dynasty Zarooni, was arrested after investors claimed he defrauded them of more than $100 million.

Three senior managers from Nakheel’s Waterfront development were also detained by authorities in February this year in relation to allegations of bribery.

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