UAE: Man arrested after attempting to steal Dh2.8m from advertising company

A man who allegedly attempted to steal Dh2.8 million ($760,000) from an advertising company in the emirate has been arrested by Sharjah Police. The man, accused of attempting fraud, allegedly breached a company's email system and discovered an impending Dh2.8 million transaction with a client in a Gulf nation. He persuaded the client to transfer funds to his bank account, which he claimed to be the new account information for the advertising company. "We received the emergency call from the corporate at 3am about the email fraud," said Lt Col Mohammed bin Haidar, deputy director of Al Buhairah Comprehensive Police Station. "The suspect emailed the company using the official email address and asked them to wire the money to a different bank account claiming the corporate changed the payment account. The second company transferred Dh2.8m." On Wednesday, the man, whose name or nationality was not disclosed, visited seven separate bank branches around the UAE to withdraw Dh1.1m. "A team of officers identified the suspect and he was arrested while withdrawing the money from a bank at one of the emirates," said Lt Col bin Haidar. "He was transferred to Public Prosecution for fraud," he added. He claimed that authorities caught the individual eight hours after being informed of the alleged scam. The Sharjah Police warned businesses in the private sector to be on the lookout for fraudsters and to utilize an electronic payment method. "It is important to monitor the bank accounts and use protection methods in the systems to spot unusual activities," Lt Col bin Haidar said. BKM/ Expat Media
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