Saturday, 7 May 2016

Man swindles Dh4.6m from partners, jailed


Marie Nammour/Dubai
Filed on May 4, 2016

Emirati is believed to have fooled two Indian partners in cinema theatre project

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A businessman, found guilty of swindling Dh4.6 million from his two partners in a cinema theatre project, was sentenced to one year in jail.
The Court of First Instance has referred the civil lawsuit to the competent civil court.
The 34-year-old Emirati is believed to have fooled his two Indian partners after forging and falsifying receipt details, which he claimed were issued from the Sharjah Municipality. The receipts showed that he had spent amounts of money on the project.
The money, invested by the partners, was allegedly diverted by the accused to a project he had in a mall in Ras Al Khaimah.
The sequence of events occurred from December 2011 to June 2012.
The accused allegedly changed the dates on receipts which stated the payment of Dh50,000, Dh100,000 and Dh192,000. He showed the receipts to his partners to trick them into believing that he had spent on the project from the partnership money he received from them.
He was convicted of charges of fraud, breach of trust, forgery and use of forged documents.
A 44-year-old partner said he had an agreement with the defendant to open a movie theatre in a mall in Sharjah in November 2011. "The agreement included another partner and was struck in the defendant's office in Al Karama, Dubai," the partner said.
The defendant told them that the mall's administration had approved the project. In January 2012, he showed them price listings from an interior design company. "We opened a bank account for that investment. The other partner transferred Dh3.2 million into that account while I paid Dh1.6 million for the construction material and I kept all the receipts."
However, the accused used the material in another project which he was investing in, including the concrete, power installations and other supplies.
The two complainants were shocked to learn from the mall administration about four months later that the project had never started.
The accused showed them some receipts to support his claims that he had paid for the interior design, power installation works and some contracting firms.
He also showed them a copy of a cheque worth Dh1.2 million and dated May 10, 2012, which he claimed he had paid to an Emirati as a commission. He also showed them another copy of a cheque worth Dh6.7 million he claimed he had paid to the interior design company.
The complainants also checked with the mall administration and learnt no payment was made after the accused had requested the transfer of Dh2.4 million for screen installation.
The partner added that the defendant even cancelled the residence visa of a man, while he was out of the country, to prevent him from coming back as he was a witness of the forgery he committed, the partner claimed.
The court's ruling has been appealed.
mary@khaleejtimes.com

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