Saturday 23 January 2010 :
SEVEN OVER MULTI BILLION DIRHAM FRAUD.
Abu Dhabi Police have arrested a seven member criminal gang for trying to defraud Emirates Central Bank out of AED 38 billion using forged bond documents.
Criminal Investigations Department of ADP arrested the three Europeans and four Asians after ECB staff referred the matter to the Suspicious Cases Unit at the ECB. It’s the third time in six months that a UAE bank has been the target of major fraud attempt – on one occasion late in 2009 a gang attempted to withdraw AED 153 billion. The banks and the police have been co-operating closely on strategies to combat the problem with a new anti-money laundering unit.
Colonel Hammad Ahmed Al Hamadi, Director of Abu Dhabi Police CID, said the leader of the gang was Asian, identified as M.M.A.A. Of the seven, four were in the UAE on visit visas, including the leader, while the other three are UAE residents.
They presented bank bonds to ECB, claiming that a European Bank had transferred around AED 38 billion to their gang leader and that they had the authority to withdraw the funds.
Lt Colonel Dr Rashid Mohammad Bu Rasheed, Head of the Organized Crime Section at Abu Dhabi Police said “Staff at the bank referred the documents to the Anti Money Laundering Unit and we quickly arrested three suspects. They admitted they were working with four others and they were also apprehended. All of them denied being involved, claiming they were translators, agents or simply offering advice”.
The gang leader claimed that he was simply acting on behalf of another man and that he was receiving commission of 15% for transferring the money out of the UAE.
Lt Colonel Dr Rashid praised the Ant-Money Laundering Unit and ECB staff for their vigilance and co-operation.
NOTES: Clause 217 of the Federal Penal Law – Forging an official document, punishment is not less than ten years.
The legislator also has given a last chance for any one involved in such crimes. He will be exempt from punishment, if he reports the incident to the authorities concerned in due course. But if he reports the case after the crime is detected, the court may exempt him from the punishment, whenever the report leads to the arrest of other criminals, in accordance with Item (210) of the Federal Penal Law.
THOSE ARRESTED:
HB – 38.
FT - 49
LMA – 45.
MM.AA. – 63
Aa.R.Aa – 44
Q.Hh.K – 48
M.Hh.Hh – 40
A contract for 500 million Euros
Lt. Colonel (Dr.) Rashid Bu Rasheed revealed that one of the suspects identified as “Aa.R.Aa.” bears a partnership contract concluded in his home land. The contract showing that the suspect, identified as “Q.Hh.K.” authorized a GCC national to use an amount of 500 million Euro (Dh 2b and 634m) deposited in ECB. The suspect “Q.Hh.K.” denied this document, which has not been presented yet claiming its forgery.
Bankrupt Chief
The Head of Organized Crime Section said the suspect “Q.Hh.K.” claimed that the “Chief” of the gang “M.M.Aa”, both of one Asian nationality and they came together to UAE with visit visas without money. The suspect paid all expenses of the “Chief”, such as air fare, hotel charges and pocket money as a debt. The “Chief” promised to repay the debt after he gets the money from ECB, around Dh 38b, in addition to sharing with the Europeans an agreed amount to the value of 35% of the total amount.
An army of lawyers
According to Lt. Colone
