Jurisdictions involved
Dubai
The business and background
A global distribution company had suffered fraud in one of its subsidiaries in the Commonwealth of Independent States (CIS) whereby a former branch manager had invented bogus suppliers to extract funds of $15m from the Company.
Following the preparation of our expert accountancy report in a format suitable for submission to the UAE Courts, we attended the Police Station in Dubai to give a detailed statement to the police. This persuaded them to continue the progress of the case to identify the ultimate beneficiaries.
We were instructed to undertake an investigation into the fraud, quantifying the losses that had been incurred by our client as a result.
What we did
The investigation required us to understand the client’s normal processes and controls to identify the extent to which fictitious documentation had been created and entered into the systems to perpetrate the fraud.
We identified that this had been through the creation of documents similar to bona fide documentation, but with certain noticeable differences and with no evidence of genuine services having been provided.
Whilst we undertook sample checks, we also quantified the entirety of the fraud by investigating the total purchases recorded under the bogus supplier and followed the flow of cash through to bank accounts, primarily in Dubai.
We prepared an expert witness report outlining the fraud in a clearly comprehensible format.
The outcome
The investigation has been concluded.
