And we reveal the results of Kippreport’s stress surveyAugust 30, 2015 12:30
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 Aarti Nagraj
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.
In pictures: 5 things to know about the Dubai Frame
4 tips to de-stress at the office
6 things you need to know at the first interview
UAE: Fuel cheaper in September
Real Estate: Slowdown because of ‘tighter rules’