Share sale scam
Three men managed to steal a cool dhs7.5 million by using a counterfeit a drivers' licence, the Dubai Court of First Instance heard yesterday.The gang, a 24-year-old UAE national, a 30-year-old Bahraini and a Syrian, allegedly produced the fake licence bearing the name of an Abu Dhabi businessman using machinery at their apartment.
In December last year, one of the men is said to have approached a brokerage firm in Dubai, using the fake document, saying the 550,000 shares the victim owned in Etisialat belonged to him.
He is then alleged to have instructed the brokers to sell the shares, which netted him and his accomplices dhs7.5 million. But an expert yesterday claimed the thief would have had to know a lot of information about the victim before he was able to convince the brokers he owned the shares.
"If you have the investor number (IN), then you can access the shares from the Clearing and Depository System," Jalal Taji Faruki of Dubai-based Al Mal Securities told 7DAYS. "He would have had to know a lot of information about the victim, including his IN to do this."
The scam came to light when the victim made a complaint at Muraqqabat police station, saying someone had sold his Etisalat shares, without his consent.
On him he had a photocopy of the drivers' licence used to convince the brokers of the shares' ownership. “The victim brought a photocopy of a driving licence that was supposed to be his, but the picture was different. He told us the person in the picture had sold his shares and taken the money,” a Lieutenant with Dubai Police said.
The police learned the UAE national accused was poised to leave the country and swooped to arrest him before he could escape. They found him with his share of the money and he then led officers to his accomplices. The Bahraini has pleaded guilty, while the other two deny all the charges. The trial has now been adjourned until next month.
Despite the scam, Faruki denied that security needed to be tightened in share dealing, saying the rules were there - it was just up to individual brokers to do their jobs properly. "It is possible that some brokers may not be that diligent, but normally there are always checks in place," he said. Source
In December last year, one of the men is said to have approached a brokerage firm in Dubai, using the fake document, saying the 550,000 shares the victim owned in Etisialat belonged to him.
He is then alleged to have instructed the brokers to sell the shares, which netted him and his accomplices dhs7.5 million. But an expert yesterday claimed the thief would have had to know a lot of information about the victim before he was able to convince the brokers he owned the shares.
"If you have the investor number (IN), then you can access the shares from the Clearing and Depository System," Jalal Taji Faruki of Dubai-based Al Mal Securities told 7DAYS. "He would have had to know a lot of information about the victim, including his IN to do this."
The scam came to light when the victim made a complaint at Muraqqabat police station, saying someone had sold his Etisalat shares, without his consent.
On him he had a photocopy of the drivers' licence used to convince the brokers of the shares' ownership. “The victim brought a photocopy of a driving licence that was supposed to be his, but the picture was different. He told us the person in the picture had sold his shares and taken the money,” a Lieutenant with Dubai Police said.
The police learned the UAE national accused was poised to leave the country and swooped to arrest him before he could escape. They found him with his share of the money and he then led officers to his accomplices. The Bahraini has pleaded guilty, while the other two deny all the charges. The trial has now been adjourned until next month.
Despite the scam, Faruki denied that security needed to be tightened in share dealing, saying the rules were there - it was just up to individual brokers to do their jobs properly. "It is possible that some brokers may not be that diligent, but normally there are always checks in place," he said. Source
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