Two Iranians already on trial in Dubai for offences related to letter of credit (L/C) fraud will not be extradited from Dubai to their homeland.

This follows a decision by the Dubai Court of Appeal, which was responding to requests for the men to be tried for the same alleged crimes in Iran.

Court proceedings

A Dubai court is already in the process of trying the men for their supposed roles in a multi-million US dollar 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 from Sinosure. Money was deposited at Bank Saderat's branch in Murshid Bazaar.

Discovery

Documents were then submitted claiming payment under the L/C, even though no gold was delivered.

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

The documents were allegedly signed by one of the two 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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