Emirati money exchange accused of embezzlement

A well-known Emirati businessman who has been accused of embezzling millions of dirhams from customers of a money exchange that he owns has vowed to pay back the money.

Dozens of customers have filed complaints with Dubai police against the Federal Money Exchange, accusing the company of embezzling 44 million dirhams. Some customers have claimed their payments have been delayed for three months.

Speaking to Al-Emarat Al-Yaum newspaper, Mohideen bin Hendi, owner of Bin Hendi Enterprises, a UAE conglomerate, blamed his finance manager for problems at the exchange house.