JBR and the man
It is a fact though that if you accept buckets of dirty money from all over the world then eventually the owners of that money will come to enjoy the fruits of their cash.
And bring their baggage with them...
Expat thoughts rants and irrelevance from Dubai UAE
Media reports had said Lloyds TSB Bank in Dubai had been targeted by fraudsters who tried to raise a credit facility of up to $5bn (Dh18.35bn), in one of the largest attempted financial frauds in the region in recent times.
The regulators said individuals representing two fictitious organisations – Heritage Private Bank of the UK and the Genesis Foundation of Hong Kong – failed in their attempt to use false guarantee documents from five banks, including UBS, the US Federal Reserve and Citibank in Singapore, in a bid to raise funds for an alleged real estate project in Abu Dhabi, the Financial Times reported.
Lloyds TSB’s private banking arm, located in the DIFC, had said in early May it provided information about the use of fraudulent documents to the DFSA.
“Lloyds TSB International Private Banking takes its obligations to combat financial crime extremely seriously and reported an attempted use of fraudulent documents to the DFSA in the appropriate way in early May. This is now a matter for the regulator and we will co-operate fully with any investigation they undertake,” the bank’s spokesperson said in a statement.
Quoting DFSA’s managing director for policy and legal services, Ian Johnston, the Financial Times said after carrying out an investigation the regulator had decided not to pursue injunctions against the individuals involved, as the scam had targeted authorised companies rather than members of the public.The official pointed out that the fraud attempt, while substantial, was unsophisticated and unlikely to have duped the vetting procedures of authorised companies.