Abu Dhabi's Al Hilal Bank unearths $136m internal fraud
ABU DHABI, April 28, 2018
Abu Dhabi’s Al Hilal Bank PJSC uncovered internal fraud worth more than Dh500 million ($136 million), reported Bloomberg citing people with knowledge of the matter.
Some employees at the Abu Dhabi state-owned Islamic lender allegedly withdrew funds from dormant customer accounts, said the people, asking not to be identified because the details aren’t public.
Money was then transferred from the Al Hilal accounts to bogus accounts before being withdrawn, stated the report.
A total of 38 people from Asian and European backgrounds were arrested last summer for the "unlawful confiscation" of Dh635 million from a UAE bank, said the Bloomberg citing a statement from Abu Dhabi’s Judicial Department without identifying the lender.
The case is being heard in court and those being tried include some bank employees and others who aren’t. Police and the central bank were able to retrieve Dh625 million of the money taken, according to the statement.
Al Hilal has total assets worth Dh42.7 billion, according to data compiled by Bloomberg.
The bank hired Emirates NBD, First Abu Dhabi Bank, HSBC Holdings, JPMorgan Chase & Company and Nomura Holdings to manage sale of dollar-denominated Islamic bonds in the second quarter, it stated.
