DUBAI // An executive manager of individual sales at Dubai Commercial Bank is charged with embezzling more than Dh2 million.
The Dubai Criminal Court of First Instance was told that the 28-year-old Indian RA took Dh2.560,187. He also is charged with forging official electronic documents to cover his trail.
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The man admitted to both charges and said he returned the funds to the bank, and provided documents to prove his claim.
Prosecutors said that RA, who is in charge of bank transfers, started embezzling on August 15, 2007.
He ordered employees under him at the Al Maktoum branch to deduct "bank facilitation fees" from the the clients' bank accounts, and instead of depositing them into the bank's earnings account, to keep them separately.
Prosecutors said he took the funds from that separate account, then transfer them to two others: one under a male alias and one under his sister's name.
Records show that his sister knew nothing of the scam.
Prosecutors said RA invested the money in the Indian stock market through Axix Bank in India and earned more than Dh300,000.
In his testimony, he said he destroyed incriminating receipts. But in September 2010, AM, 36, an Emirati, asked RA about discrepancies in his sister's account, and the crime was discovered.
The next hearing is yet to be determined.
salamir@thenational.ae
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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
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