Jun 16 2008 |
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Suspects grilled over bank fraud
Dubai: Seven suspects are being questioned for their alleged involvement in the Dubai Islamic Bank's (DIB) financial irregularities case.Dubai Public Prosecution records show that seven suspects including DIB 's former deputy director for project finance, 50-year-old Pakistani, R.I.U., his 39-year-old compatriot U.H.M., executive director of JPMorgan Chase & Co in Dubai, 44-year-old Turkish visitor, R.N., 49-year-old British visitor, C.M., and his 54-year-old compatriot visitor, R.L., 41-year-old American manager, Z.U., and 58-year-old British, A.P., are facing charges of swindling.
Sources said police received a tip-off on the alleged financial irregularities on June 1 and arrested the first suspect on June 3. Gulf News sought to contact Dubai Attorney General Eisam Eisa Al Humaidan but without success.
A bank statement issued on June 11 confirmed the reports and said the investigations will have no financial impact on the company.
© Gulf News 2008
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Comments By Our Users (1)
Basel definition
"Risk of loss resulting from inadequate or failed internal processes, people or systems or from external events".
Oh my god, Internal fraud is happened because of the combination of lack of system and unqualified people.
most Islamic banks and companies have deployed the people and systems without checking and using the regulatory complaince.
it is very important to develope an operational risk in advance to avoid the reactive development of controls and practices, and which can lead to wasted resources, unnecessary exposures and greater complexty.
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