A Dubai court is in the process of hearing a multi-million US dollar letter of credit (L/C) fraud case.

The defendants allegedly attempted to defraud Iran's Bank Saderat of US$23 million.

Evidence

A witness told the Dubai Criminal Court that three companies in Iran opened a L/C for a company called Sinashore.

The aim was to buy an amount of gold. The money was deposited at Bank Saderat's branch in Murshid Bazaar.

Discovery

Bank Saderat however discovered that the documents accompanying the L/C were false after they were sent to the main office in Iran.

The documents were allegedly signed by one of the two main defendants, an Iranian company manager.

False documents

He is accused of falsifying official documents that were supposedly issued by the Dubai Chamber of Commerce.

The same defendant also allegedly falsified commercial receipts and inspection certificates and used fake documents in his attempt to defraud the bank of the equivalent of US$23 million.

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