Bank Fraud in UAE

Bank Fraud in UAE. Edmonds Marshall McMahon are experts in conducting fraud prosecutions. We are a unique firm, staffed by attorneys and investigators, and have significant experience in ensuring that victims of fraud, in the UAE and elsewhere, are compensated and that defendants are denied the proceeds of their crime.

We commonly advise on instances of bank fraud, which can be defined as the use of unethical or illegal means to obtain money, assets or other property held by a financial institution. The circumstances around bank fraud are wide ranging, including cash withdrawals, disputed card transactions and identity theft. As well as conducting complex, cross-border investigations, we regularly apply for court orders on behalf of our clients and have extensive experience in robustly enforcing them.

Bank fraud is part of a wider crisis across the globe. By way of example, in January 2021, the Royal United Services Institute (“RUSI”), a defence and security think tank, published a paper explaining that fraud in the UK has reached epidemic levels. According to this paper, fraud is the “volume crime of our time”. There is certainly increased media attention around the issue – for example, shortly after the RUSI paper was published, the BBC reported that the UK’s fraud epidemic is now a “national security threat”. Notwithstanding greater awareness of this world-wide problem, the response of governments across the globe continues to fail individuals and businesses. Traditional law enforcement agencies are still failing to prioritise fraud offences, even as reports continue to rise. This state of affairs is at the heart of Edmonds Marshall McMahon’s mission – as private prosecutors, we specialise in providing fraud victims with access to justice. Edmonds Marshall McMahon regularly implements private prosecution strategies to ensure that those who engage in bank fraud are held accountable. We understand that this kind of fraud may cause embarrassment to financial institutions and companies, leading them to batten down the hatches and not report crimes. Crucially, however, criminal prosecutions have a significant deterrent effect on fraudsters who target financial institutions. Bringing a private prosecution sends a clear message to potential fraudsters – that a company will take decisive and robust action to route them out.

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