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Dubai bank sets aside cash amid fraud probe

Dubai bank sets aside cash amid fraud probe

Dubai Islamic Bank says it has foreclosed on a real estate project and set aside cash to help cover losses after legal documents indicated the bank was the victim of a half billion dollar fraud.
Documents filed with the Dubai public prosecutor's office and reviewed by The Associated Press name seven suspects allegedly involved with the crime, which is said to have cost the bank $501 million.
That amount is far larger than two other cases that have been referred to court since the booming Gulf city-state launched an anti-corruption probe last year.
Dubai Islamic Bank said Tuesday that besides $135 million it set aside, it has foreclosed on a 20 million square-foot development known as The Plantation on the outskirts of Dubai.


Updated : 2021-06-20 08:50 GMT+08:00