Dubai Islamic Bank fraud case
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| Date | 2004-7 |
|---|---|
| Location | Dubai, UAE |
| Cause | Fraud |
| Outcome | Embezzlement of US$501 million |
| Accused | Ryan Cornelius |
| Charges |
|
| Verdict | Guilty |
| Convictions | 6 men sentenced to terms up to 30 years |
The Dubai Islamic Bank (DIB) fraud case was a case originally brought in 2008 that involved the alleged embezzlement of 1.8 billion Dirhams (approximately US$501 million or £330 million) by a group of six (originally seven) bank executives and expat businessmen over the period 2004-2007.[1]
The case was the largest alleged fraud case in the history of Dubai, and the ten-year jail sentences passed on the alleged perpetrators of the scheme were also the longest that Dubai authorities have ever passed in a fraud case.[2] As of 2018, four of the alleged perpetrators remain in jail after having their sentences extended by another 20 years.[3]