Picture for illustrative purposes only. ARCHIVE

A Dubai real estate broker has been sentenced to six months in jail followed by deportation and fined Dh471,000 for embezzling rental funds from a Gulf investor. The Dubai Misdemeanor Court also referred a civil lawsuit to the competent court for further proceedings. The broker, granted power of attorney by the investor to manage multiple properties, was found guilty of embezzling rents paid by tenants. The investor, who owns properties across Dubai, became suspicious after noticing discrepancies in rent payments. An accountant in the investor’s company discovered the irregularities when tenants claimed they had already paid their dues directly to the broker. Upon further investigation, it was revealed that the broker had been pocketing cash and checks from tenants over several years. The broker denied the allegations, claiming that all rents were handed over to the company’s accountant without receipts. However, an official accounting report confirmed the embezzlement, showing no records of the funds being deposited. A police officer involved in the investigation stated that the broker’s claims were inconsistent and that he did not have valid proof to support his defense. The court acquitted the real estate management company and its manager, citing that the broker had acted independently and without their knowledge. ICA/Expat Media
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