Saturday 23 June 2018

Man sentenced for embezzling over $700,000

Manama, March 27, 2014

The Third Lower Criminal Court has sentenced an Arab national to two years in prison for embezzling BD290,000 ($765,394).
He was expecting an amount of BD290 to be transferred into his account in a Bahraini bank but the bank in Switzerland mistakenly remitted BD290,000, said a report in the Gulf Daily News (GDN), our sister publication.
When the Swiss bank discovered the mistake, it informed its counterpart in Bahrain to stop the payment, but the suspect had already cashed the money and left the country.
He was, then, asked to return the money and he agreed on the condition that the Swiss bank sends a letter stating that the source of money is legitimate, which the bank did, but he used this letter to transfer the whole amount to his country.
The bank reported the case to the General Directorate of Anti-Corruption and Economic and Electronic Security, which informed Interpol.
He was arrested in his country but hasn't yet been handed over to Bahrain as he is standing trial in connection with other cases, reports our sister paper Akhbar Al Khaleej. - TradeArabia News Service

Tags: arab | national | Prison | embezzle |

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