Ten Pakistani nationals in the UAE today went on trial for allegedly stealing USD 1.6 million from a bank using electronic codes, media reports said.
The accused carried out fraudulent transactions through electronic transfer codes with the help of an employee who worked in the bank in Abu Dhabi, Khaleej Times reported.
The Abu Dhabi Criminal Court during the trial heard that the men - all Pakistanis - defrauded the bank to the tune of 6 million dirhams (USD 1.6 million) by deciphering codes and programming, using two devices called 'e-trader', the report said.
The accused landed in the police net after the bank reported about the financial fraud orchestrated by one of its employees.
The accused used electronic codes with the help of the main defendant - the bank employee - who also had knowledge of the codes of the payment devices of the e-trader, according to the official court documents, the report said.
The men then programmed the electronic payment device and carried out fraudulent transactions, it said.
They used the e-trade devices to make it appear like the bank has paid off the shops with the money deducted from the customers' accounts after making purchases, but instead they transferred the cash to a bank account in an Asian country.
Prosecutors charged them with fraud and unlawful transfer of the bank's funds by using IT methods.
All the men denied the charges in court.
Their lawyer said he would present his clients' defence in the next hearing. The trial was adjourned until September.
The Abu Dhabi Financial Prosecution said that there has been a significant increase in the number of financial and commercial fraud cases being reported in Abu Dhabi.
Officials said they handled 16,663 cases involving finances during 2017, an increase of 2,803 cases as compared to 2016.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)