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Ten Pakistanis swindle USD 1.6 million from bank in UAE

Press Trust of India  |  Dubai 

Ten Pakistani nationals in the UAE today went on trial for allegedly stealing USD 1.6 million from a using electronic codes, said.

The accused carried out fraudulent transactions through electronic transfer codes with the help of an employee who worked in the in Abu Dhabi, reported.

The Criminal Court during the trial heard that the men - all Pakistanis - defrauded the to the tune of 6 million dirhams (USD 1.6 million) by deciphering codes and programming, using two devices called 'e-trader', the report said.

The accused landed in the police net after the bank reported about the financial fraud orchestrated by one of its employees.

The accused used electronic codes with the help of the main defendant - the bank employee - who also had knowledge of the codes of the of the e-trader, according to the official court documents, the report said.

The men then programmed the and carried out fraudulent transactions, it said.

They used the to make it appear like the bank has paid off the shops with the money deducted from the customers' accounts after making purchases, but instead they transferred the cash to a in an Asian country.

Prosecutors charged them with fraud and unlawful transfer of the bank's funds by using IT methods.

All the men denied the charges in court.

Their said he would present his clients' defence in the next hearing. The trial was adjourned until September.

The Financial Prosecution said that there has been a significant increase in the number of financial and commercial fraud cases being reported in

Officials said they handled 16,663 cases involving finances during 2017, an increase of 2,803 cases as compared to 2016.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, August 12 2018. 20:10 IST
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