$490m fraud allegation at Dubai Islamic Bank « ArabianMoney
The former chief executive officer of the Dubai Islamic Bank was yesterday accused in a Dubai court of concealing a fraud leading to a loss to the bank of $490 million.
Local prosecutors have charged seven suspects, five businessmen and two former employees of the bank, of defrauding the bank of $490 million between 2004 and 2007, according to the report carried in Gulf News today.
Fraud allegation
The stunning revelation came as a part of a defence statement by the famous Dubai counsel Dr Habib Al Mulla, and the case is now adjourned until May 3rd. But whatever the outcome of this case the spotlight is surely now thrown on the scale of this alleged fraud.
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