Police foil $14.4 billion fraud

Police foil $14.4 billion fraud

Iranian fraudster wanted by Interpol; police call attempt "stupid."

June 6, 2010 3:51 by Samuel Potter

Abu Dhabi Police have reportedly foiled an attempt to steal $14.4 billion from the UAE Central Bank, reports Gulf News.

Colonel Hammad Ahmad Al Hammadi, Director of the Criminal Investigation Department, told the paper the case was the fourth this year, and said the scam was headed up by Iranian suspect Farzeen Ali Karoyan Mutlaq, who is wanted by Interpol. According to police, he is behind the four separate attempts, involving huge sums that Mutlaq claims were family investments, inherited from his forefathers.

Two suspects presented forged documents at the bank, claiming Mutlaq owned investments in properties worth $14.4 billion and $400 million. But police said the fast reporting of the documents, combined with the swift reaction of the police, led to the arrest of the two men, who are now being investigated.

Colonel Dr Rashid Mohammad Bu Rasheed, Head of the Organised Crime Section at the Criminal Investigation Department, said the attempt was “stupid,” as the Central Bank is a government entity dealing with financial establishment and government departments. However, Mutlaq remains at large and “Abu Dhabi Police has warned the public to be cautious and not to deal with Mutlaq and asked the public to be quick in reporting him,” says the paper.