Saudi bank also a victim in DIB scam

A Saudi bank was among the victims of the scam in which the Dubai Islamic Bank was defrauded of US$501 million (Dh1.8bn), it was disclosed in court here yesterday.

A DIB employee testified yesterday before the Dubai Criminal Court of First Instance that $120m of the embezzled money belonged to the Saudi Hollandi Bank, of which DIB was a local agent.

The seven defendants are charged with presenting falsified documents to DIB to take possession of funds to finance non-existent projects. Five of them appeared in court yesterday.