| Kippreport.com

Fraud in Dubai

June 23, 2009 12:54 by Aarti Nagraj

A report in Forbes magazine in March this year claimed that while Dubai’s anti-corruption probe was in full swing, Emirati nationals didn’t seem to be held as accountable as the expatriates.   The report came as seven expatriate businessmen including Britons, Pakistanis, one Turk and one American were reportedly accused of participating in a $500 million fraud at Dubai Islamic Bank.

“Some might say that it’s evidence of the anti-corruption drive, but again, where are the Emiratis?” Christopher Davidson, a British academic who has authored books on Dubai and the UAE told Forbes. “There have to be the local sponsors, the line managers, the people whose desk at which the buck stopped.”

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Tags: corrupt, credit card, Deyaar, Dubai, embezzlement, fraud, nakheel