Bail plea rejected in Dubai Islamic Bank fraud case

Seven defendants accused of swindling Dubai Islamic Bank (DIB) out of Dh1.8 billion remained behind bars last night after a request for bail was rejected by Dubai Criminal Court.

The accused are US citizen ZO, British nationals CM, RL and AV, Pakistanis RAO and OM and Turkish national AE. Only five of the seven – the Britons and the Pakistanis – attended yesterday's hearing with their lawyers. The DIB's lawyer was also present.

The case was adjourned so that evidence from witnesses could be heard again and talks could be held with Mohammed Mustafa Hussein, an expert at the Financial Control Department of the Dubai Ruler's Office.

The defendants' lawyers asked to rehear the testimonies of witnesses Abdullah Obaid, Saad Zaman Qamar Zaman and Aref Ahmed Mohammed, while the bank's lawyer asked to hear from Hussein after the emergence of new information.

The Public Prosecution sent the seven foreigners for trial in March after they were accused of five charges – swindling, embezzlement, involvement in a crime, forging an official document and using a forged official document.

OM was formerly a manager at DIB's finance department while RO worked in the same section.

The remaining defendants are businessmen.

Prosecutors say the businessmen set up bogus financial operations that were supported by forged documents. The documents were given to DIB and, in co-operation with OM and RO, Dh1.8bn was allegedly obtained.

The case, which is being heard by Judge Al Saeed Al Bargouth, was adjourned until October 15.

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