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Thursday, 26 April 2018

Abu Dhabi's Al Hilal Bank Uncovers Internal Fraud - Bloomberg

Abu Dhabi's Al Hilal Bank Uncovers Internal Fraud - Bloomberg:

"Abu Dhabi’s Al Hilal Bank PJSC uncovered internal fraud worth more than 500 million dirhams ($136 million), according to people with knowledge of the matter.

Some employees at the Abu Dhabi state-owned Islamic lender allegedly withdrew funds from dormant customer accounts, said the people, asking not to be identified because the details aren’t public. Money was then transferred from the Al Hilal accounts to bogus accounts before being withdrawn, they said.

A total of 38 people from Asian and European backgrounds were arrested last summer for the "unlawful confiscation" of 635 million dirhams from a U.A.E. bank, Abu Dhabi’s Judicial Department said in an emailed statement, without identifying the lender."

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