DUBAI: A well-known Emirati businessman who has been accused of embezzling millions of dirhams from customers of a money exchange that he owns has vowed to pay back the money.
Dozens of customers have filed complaints with Dubai police against the Federal Money Exchange, accusing the company of embezzling 44 million dirhams. Some customers have claimed their payments have been delayed for three months.
Speaking to Al-Emarat Al-Yaum newspaper, Mohideen bin Hendi, owner of Bin Hendi Enterprises, a UAE conglomerate, blamed his finance manager for problems at the exchange house.
He said the manager, an Algerian, had embezzled the money and used it to play the currency markets.
Bin Hendi also told the paper that the Federal Money Exchange is one of 90 companies he owns but is not personally run by him. He added that a Tunisian manager in his company had hired the finance manager and blamed both of them for fraudulently taking the money.
Bin Hendi said he only met the finance manager when investigating the embezzlement. He added that he had returned money to 30 of the 90 complainants and was working on returning the rest of the funds once investigations are completed.
Al-Emarat Al-Yaum, on the other hand, wrote that the finance manager defended himself by claiming he funneled the money into the owner’s account on his orders.
Bin Hendi denied the accusation, questioning how a person could steal from his own business establishment and that investigations will prove his innocence.
Lt. Col. Abdullah Al-Muasam, head of the Naif police, said his station received 66 complaints from the public against the money exchange.
One of the complainants, a Mauritanian trader, said he sent $500,000 to his home country to buy goods and that the money has not been received by his business partners there.
He said when complaining to the exchange house he realized that they had not sent the money and then filed a case with the police.
