The $501 million reportedly defrauded in the Dubai Islamic Bank (DIB) case by seven suspects is enormous enough to influence the course of the economy, argued a prosecutor before a court on Monday.
"The reportedly defrauded amount, $501 million (Dh1.8 billion), is massive and influences the economy of Dubai and the UAE," said Tarek Yaqoub Al Khayyat, Deputy Head of Deira's First Public Prosecution, in his argument when he addressed Presiding Judge Hamad Abdul Latif Abdul Jawad.
"As if the global crisis was not enough and there came the suspects, who were avaricious and held a grudge against the city and the country that welcomed them and helped them earn them a living. They waited for an opportunity to betray and stab Dubai in the back. They proved to be ill-minded and ungrateful to this country. We ask the Dubai Court of First Instance to implement the harshest punishment possible against the defendants so that nobody would ever dare to do what they did," Al Khayyat said.
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