ISLAMIC BANK DUPED

The CEO of Dubai Islamic Bank (DIB) and the Director of the Audit Department at the Ruler’s Court told a court on that over $500million was swindled from the bank by CCH, a financial brokerage firm owned by a defendant in the case. The case involves a former deputy manager and executive manager of the bank, both Pakistanis, and five businessmen – a Turkish absconder (owner of CCH), three Britons and an American absconder. Two of the British businessmen are accused along with the Turkish businessman of defrauding Dh1.8 billion ($500 million) from DIB. The trio is also accused of forging documents of bogus transactions made by companies they established some time between 2004 and 2007 and submitted them to the bank to get financing for their projects.