British businessmen Charles Ridley and Ryan Cornelius arrested in Dubai Islamic Bank half-billion dollar fraud

According to the bill of indictment, British businessmen Charles Ridley and Ryan Cornelius, along with Turkish businessman Erin Nil, embezzled $US501 million from DIB through forged invoices and fake deals. The alleged deals were done between 2004 and 2007, according to the bill of indictment. Former DIB employees Omair Mooraj and Rifat Usmani, both holders of Pakistani passports, are accused of receiving a total of $US1.7 million in alleged bribes to facilitate the financing of the deals, according to the bill of indictment. Zia Usmani, identified as a US businessman, is also accused in the bill of defrauding the bank of $US2 million. Zia Usmani and Mr Nil have left Dubai, according to the bill of indictment. Zawya Dow Jones was unable to make contact with either man or their representatives. The other men have been detained by Dubai police, according to the bill of indictment. Dubai police also are holding Arthur Fitzwilliam, the British owner of Dubai-based real-estate developer Plantation Holdings, in connection with the case, according to the bill of indictment. Habib Al Mulla, a Dubai-based lawyer representing Mr Mooraj, told Zawya Dow Jones on Monday that he will "defend his client in court rigorously by all legal means." "We believe he has not violated any applicable laws in the country," Mr. Al Mulla said. Mr. Al Mulla confirmed that the case has now been referred to court.
Dubai Public Prosecution officials couldn't be reached for comment. Dubai Islamic Bank officials weren't available for further comment on the case. DIB shares fell 0.9 per cent on Monday to 2.29 dirhams on the Dubai Financial Market. The stock is down about 75 per cent since the beginning of June. Dubai Islamic Bank said Tuesday it has foreclosed on a real estate project and set aside cash to help cover losses after court papers indicated the bank was the victim of a half-billion dollar fraud.Documents filed with the Dubai public prosecutor's office and reviewed by The Associated Press name seven businessmen allegedly involved with the crime, which is said to have cost the bank $501 million.The suspects include three Britons, two Pakistanis, one Turk and one American.The amount of the alleged fraud is far larger than in two other cases that have been referred to court since the booming Gulf city-state launched an anti-corruption investigation last year.The prosecution's notification lays out a variety of charges against the suspects, which include fraud, forging documents and bribery.Officials at Dubai Public Prosecution could not be reached for comment.In a statement, Dubai Islamic Bank said it had exposure of about $330 million to a company named CCH linked to some of the suspects in the court papers