The criminal court in Dubai has started the trial of an administrative director of a company (a fugitive), who used his position and powers as responsible for purchasing bonds and international shares from the global market for the benefit of his company, in facilitating the seizure of another defendant in the case and others fleeing more than 220 million dirhams, where they founded a group of companies Fictitious, and carried out purchases of bonds from a company in the name of the father of the second defendant in fraudulent ways, and put them on the Indian financial market with false documents, then re-sell a portion of the shares to the victim company, and the accused manager received over 25 million dirhams to pass the deal, and to divulge secrets and information related to the institution In which he works.
Investigations by the Dubai Public Prosecution revealed that the second defendant arrested had established a company, registered it in the name of his father and two other fugitives, and registered it in the Indian financial market as working in the management of an oil refinery to be installed in India, according to which they obtained a permit from the market to issue bonds through public subscription. To the shareholders, they submitted to the Indian financial market a list containing false names that participated in a fictitious subscription of the fraudulent company’s shares, at a value of $ 200 million, and set the value of the share at $ 25.
Investigations stated that the second stage of the fraud was to sell the fraudulent company’s shares to other investors, including the victim company in Dubai, at a price that exceeds the announced share price by several times.
She pointed out that the founder of the fraudulent company (the second accused arrested) met with the first accused, the managing director of the victim's company, and agreed with him on the selling scheme, and used his influence to persuade the victim's company to buy fake shares, based on forged documents, including a certificate from A bank reports that there are previous shareholders with the fraudulent company, and transactions indicate the quality of the deal, in exchange for bribery that the first accused received exceeding 25 million dirhams.
The Public Prosecution in Dubai directed the defendants, the first in absentia and the second in presence, to commit felonies for the exploitation of an employee in charge of public service and to facilitate the seizure of money belonging to the institution, and the disclosure of job secrets, request and accept bribery, and offer a bribe.