A former employee of a Dubai bank and his wife have been convicted of embezzlement of over AED 5.23 million for siphoning off the money of real estate development companies deposited with the bank.
According to Dubai Media Office, the fraud was done with the assistance of his wife.
A criminal case has been ordered to be filed against the accused following the completion of investigations. They were referred to the Criminal Court, which handed its judgment.
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Imprisonment for five years in absentia was ordered by the Court apart from the return of the embezzled money and deportation from the country.
The UAE has made intense efforts to combat money laundering and terrorism financing crimes and impose penalties on perpetrators.
As part of such efforts, Counsellor Ismail Madani, senior advocate general and head of Public Funds Prosecution confirmed prison sentences and fines against 20 defendants and seven legal companies.
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The defendant was charged for concealing over AED 1 million.
The Dubai Criminal Court also convicted a defendant in another case who entered the country through Dubai International Airport on the charge of concealing funds in his possession.
A fine of AED 100,000 and confiscation of the amount seized from him in different currencies equivalent to AED 1,108,484 was also made in accordance with Federal Law. No. (20) of 2018 issued by the UAE Central Bank. (AW)
