Tuesday 10 March 2009

Seven charged over alleged $501m Dubai fraud

Dubai’s public prosecution has charged seven businessmen with crimes related to an alleged scheme to defraud Dubai Islamic Bank of $501m, official records show.

The bill of indictment, seen by the Financial Times, alleges the crimes were committed between 2004 and 2007 by two former employees of the bank and five businessmen linked to trade finance company CCH and a real estate project in Dubai, the Plantation.

The case, expected to go to court soon, is likely to become a high-profile test for the emirate’s judicial system as questions swirl about the rule of law in the Gulf’s commercial centre, hit hard by the global financial crisis.

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