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Doha Banker Charged with Sukuk Fraud

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today 12 February 2017 GMT
Photo Credit: Doha-Francisco Anzola

A Doha-based banker has been charged of making financial transactions to his account in the name of bogus companies.


The accused allegedly signed contracts in the name of bogus companies to transfer money to his account against consultancy charges of Sukuk (Shariah-compliant bonds) and commission.


According to a report in Qatar based The Peninsula, as a result of the allegations the accused employer incurred losses amounting to $1,905,135, as per the charges.


The accused allegedly ordered to transfer $636,683 to his account in the name of a bogus company in Denmark, $212,483 to the account of another fake company in Austria, and $434,766 to the account of a real estate company in the UAE, said the daily.


It was disclosed during the investigation that the money was transferred to the accounts of these companies illegally. The banker has also been accused of using forged documents to cover the crime.


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