Two Iranian former bank officers have been accused of forging documents to obtain letters of credit (L/Cs) as they face several fraud charges in a Dubai court.

They have appeared before the Dubai Criminal Court accused of defrauding their former employer, Bank Saderat Iran, of around US$23 million.

Forgeries

The accused, who have not been named in statements issued by the Dubai authorities, are said to have forged official documents that appeared to be certificates of origin issued by Dubai Chamber of Commerce and Industry.

They are also accused of forging other documents such as commercial invoices and cargo checking certificates.

Gold purchases

The pair then allegedly submitted the forged documents to the bank to open L/Cs, ostensibly for three Iranian companies to purchase gold from a Dubai based company.

The bank subsequently examined documents that appeared to show that the gold had been properly delivered and paid out the equivalent of around US$23 million to accounts controlled by the alleged fraudsters.

No delivery

However, the court heard that no gold was delivered to the supposed customers in Iran.

The case has been adjourned until next month.

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