An unidentified hacker has made an unauthorised transfer of Dh1.8 million ($490,035) from the bank account of an American man in the US to a financial services company in Dubai to invest the money in stocks.

The transfer was made in March 2013 from Seattle, in three instalments to the company’s bank account in Dubai. Someone cashed some of the profits after impersonating the American national.

The company refused to return the money when the American man requested it after discovery of the fraud.

The American’s legal consultant, Hassan Elhaes from Al Rowad Advocates, filed a civil case against the company in Dubai to force it to return the money, proving to Dubai Civil Court that both his client and the financial services company have not committed any criminal act and that an unidentified cyber-attack on the client’s account was to blame.

The appointed auditor, which was to determine the circumstances of the transaction, confirmed that the American owned the money and did not authorize the transfer of $250,000 from the total transferred amount.

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The other half was transferred to a third party, which in turn transferred it to the company. This individual used a power of attorney allegedly given to him by the American national, which lawyer Elhaes said was fake.

The report said that a cybercrime had taken place and the American man should file a criminal report for an investigation to be carried out in relation to charges of impersonation and forgery. Dubai Civil Court ordered the financial company to repay an amount of $250,000, plus a 9% interest on the amount from the date of his legal claim in September 2016.

by Henry Vilar
Henry is Junior Reporter at IBS Intelligence, follow him on Twitter or contact him at: henryv@ibsintelligence.com
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