Three individuals have been incarcerated for their role in the pilfering of gold valued at over Dh800,000 from a Dubai-based jewelry firm. The Dubai Public Prosecutors indicted the culprits, comprising two Egyptians aged 47 and 41, and a 35-year-old Indian, for offenses perpetrated on September 28, 2023, in Dubai's Naif district. The Dubai Criminal Court was informed that the initial two defendants siphoned off a cumulative Dh824,604.17 from the jewelry enterprise where they were employed. They manipulated their authority within the firm by setting up an illicit goldsmith atelier and hiring 10 staff under the firm's moniker without its awareness. They funded these employees' wages from the firm's accounts, fabricating sham contracts and drastically augmenting their own remuneration. The fugitive third defendant was discovered to have accepted Dh236,823, aware that it was derived from the transgressions of the first two defendants. The court ascertained that the first two defendants exploited their roles within the firm to engage in unauthorized operations. Specifically, the court revealed that the first defendant, a 35-year-old Indian, initiated the covert goldsmith atelier without the firm's approval and enlisted workers under the pretense of the firm's identity, compensating their wages from the firm's resources. He also orchestrated agreements to lend workers to another jewelry firm, tampering with employment pacts and escalating his own monthly stipend from Dh10,000 to Dh50,000. The second defendant, a 47-year-old Egyptian, facilitated the hiring of his 41-year-old sibling, the third defendant, at the firm. He arranged for his brother's wage to be Dh3,500 but clandestinely deposited an extra Dh25,000 monthly into his account, masquerading it as wage protection. The third defendant subsequently absconded from the country after securing a loan exceeding Dh1.5 million. A spokesperson for one of the jewelry firm's associates testified that the misconduct surfaced in May 2023 when workers apprised him of dubious activities, such as the acquisition of gold at bloated prices. Upon probing the matter, he unearthed the unauthorized goldsmith atelier and reported the anomaly to his associate, leading to the exposure of additional fraudulent practices. A forensic accounting analysis corroborated the embezzlement and fraudulent conduct. The first and second defendants were adjudged guilty and sentenced to three months behind bars. They were collectively fined Dh824,604.17. The judges mandated their deportation post-incarceration. The third defendant was sentenced in absentia to one month in prison and fined Dh236,823, with deportation pending his apprehension.
Text: Lara Palmer
15.07.2024
Two Egyptians and an Indian convicted for embezzling over Dh800,000 from a Dubai-based jewelry firm