The defendants used electronic codes to carry out fraudulent transactions.
Ten men went on trial accused of stealing Dh6 million from a bank through electronic transfer codes with the help of a bank employee.
The Abu Dhabi Criminal Court heard that the Asian men, defrauded the local bank in Abu Dhabi through decoding codes and programming by use of two devices named "e-trader."
Police had arrested the group after the bank reported about the financial fraud involving millions of dirhams that was orchestrated by one of their employees.
Official court documents stated that the defendants 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 electronic trader.
The men were then able to programme the electronic payment device and carry out fraudulent transactions.
They allegedly refunded values to customers who made purchase transactions in the shops which used those electronic devices.
And through that method, the men deducted the cash amounts from the bank and then transferred the money to an account in a bank based in Asian country and then took the cash.
Prosecutors charged them with fraud and unlawful transfer of the bank's funds using means of information technology.
All the men denied charges against them when they appeared 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 in May 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 compared to 2016.
Authorities said they wanted to see the punishment for those convicted of commercial fraud increased from 3 years in jail to seven years in certain cases and convicts be made by court to pay back the stolen cash in addition to paying civil compensation to the victims.
Hassan Mohammed Al Hammadi, Head of the Abu Dhabi Monetary Fund said: "Money laundering affects the national economy and financial stability because it's a hidden economic activity and it's illegal."
"Scammers spoil the investment environment and causes damage to capital markets. Fraudsters lead to loss of people's cash and property and the act of obtaining money through fraudulent means instills bad morals among society for the desire to get rich quickly."
In one of the biggest cases, 28 men accused of attempting to steal Dh635 million from the account of an Abu Dhabi bank through electronic transfer were sentenced to jail terms ranging from 10 to 15 years.
The Abu Dhabi Criminal Court of First Instance in May 2018 handed down the jail sentences to the men, including Indians, Pakistanis, Americans, Russian and Canadian nationalities after they were found guilty of fraud and unlawful transfer of the bank's funds using means of information technology.
SOURCE : KHALEEJTIMES