Company manager in Dubai accused of embezzling Dhs25million

This content was originally posted in 7DAYS UAE website at: Company manager in Dubai accused of embezzling Dhs25million A company manager tasked with running the business for the owner siphoned off more than Dhs25 million for himself, a court has heard. The Indian national, 58, was responsible for the firm, whose employees installed electrics in high-rise buildings, as the owner was frequently away in India and the UK. Dubai Court of First Instance was told he betrayed the trust of the Indian owner, 53, despite the men having known each other since college. The defendant denied embezz­lement charges in court on Sunday. He also denied wasting a further Dhs500,000 by handing it over to two men he knew, who are on trial accused of criminal abetting. Prosecutors said that the crime took place between 2009 until 2011. The owner testified: “I gave him absolute power but later some of my employees told me that I needed check what was going on within the company. They said something had been going on without my knowledge.” He said he came across an agreement that the defendant had made with his co-defendants to establish another company. He said: “I knew that he came from an average family and didn’t have the money to become a partner in any company.” The owner then discovered that millions of dirhams had been trans­ferred from his company’s account to the defendant’s new company. He said: “He was signing contracts with our customers and the funds were going to his new company. Then he used my company resources to do the work. I challenged him with the facts face to face and he confessed.” The defendant’s alleged accomplices, one Indian and one British, have also pleaded not guilty. The trial has been adjourned. ali.shouk@7days.ae Read the original story at: Company manager in Dubai accused of embezzling Dhs25million